To Counter The CFTC, Ooki DAO Is Considering Its Alternatives

The Ooki Decentralized Autonomous Organization group has started brainstorming a countermeasure. The recent lawsuit filed by the U.S. Commodity Futures Trading Commission against the DAO serves as the basis for this talk (CFTC).

Ooki DAO’s Counter-Suit Aims to Retaliate Against the CFTC’s Litigation

The Commodity Futures Trading Commission has filed suit against Ooki DAO because it is an unincorporated criminal enterprise. The functioning of bZx, an unlicensed exchange, is one example of alleged illegal activities. There was a recent $250,000 settlement between the exchange’s founders and the regulating body. 

Members of the community who voted in the governing elections are held responsible for any criminal acts committed by Ooki, according to the complaint. Members of the DAO are now debating the most acceptable way to respond to the complaint filed by the CFTC. 

One of these possible reactions is to use monies from the treasury to pay for legal representation for DAO members. In addition, the Ooki community are considering the prospect of amassing additional financial reserves. The intended gathering of resources may respond in court to the CFTC’s lawsuit. 

The DAO member who initiated these discussions offered some recommendations. The member has proposed a possible method: submitting a grant request on Gitcoin to raise funds for the defence. The goal is to drum up public interest in the Ooki DAO’s court case. 

They seek to count on backing from the entire cryptocurrency and decentralized financial community. The forum post made a statement regarding the issue. Since all DAOs have skin in the game, it is crucial that the community rally behind Ooki DAO’s legal defense, as stated in the forum post.

Ooki DAO Is Looking at All of Its Available Choices 

Non-fungible tokens (NFTs) are another recognized probable source. Funds from this prospective source will serve the legal defense of the DAO in court. There has been a string of discussions throughout the community at this point. 

Much of the discussion is on whether or not the NFT collection should be made accessible to the general public as part of the fundraising campaign. These conversations could result in a vote on the issue at some point. 

The first responses from community members have been positive thus far about the motions in the forum post. 

Multiple actors in the cryptocurrency industry provided robust comments. All of the comments addressed the CFTC’s allegations against Ooki DAO. 

Many legal professionals and industry observers have expressed concern about the CFTC’s approach. These attorneys and experts have also raised concerns about the impact this may have on DAOs and decentralized government systems.

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