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CFTC action shows why crypto developers should get ready to leave the USConsiderable anxiety exists in the world of Web3 related to regulation and the legal status of cryptocurrency projects. It’s particularly apparent in the United States, where the Commodity Futures Trading Commission (CFTC) fueled concerns in September with an announcement that it was imposing a $250,000 fine on a decentralized autonomous organization (DAO), Ooki DAO, and its investors. The fine was particularly ominous, considering DAOs are intended to be “regulation proof.”
The CFTC said in its statement on the issue that Ooki DAO’s bZeroX protocol offered illegal off-exchange trading of digital assets. The agency took issue with the fact that the founders, Tom Bean and Kyle Kistner, tried to use the existing bZeroX protocol within the DAO to put it beyond the reach of regulators.
Masha Prusso is the founder of Story VC, an entity that invests in blockchain startups. She co-founded Crypto PR Lab in 2018 and worked as the head of PR and head of events at Polygon between 2021-22. She is also a qualified attorney in France, with degrees from Sorbonne and Berkeley Law School. She represented Russia in the Winter Olympic Games 2006 as the youngest athlete in snowboarding halfpipe at the age of 16.
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