Ooki DAO misses lawsuit response deadline, default judgment on the cards
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The Commodity Futures Trading Commission (CFTC) has begun the process of getting a default judgment in its case against Ooki DAO after the latter missed the deadline to respond to the lawsuit.
According to a Jan. 11 court
The lawsuit was served to the DAO through its help chat box along with a notice on its online forum.
In Dec. 2022, District Judge William Orrick ordered the regulator to serve Tom Bean and Kyle Kistner, the founders of a predecessor trading platform to Ooki DAO, adding the CFTC “should serve at least one identifiable Token Holder if that is possible.”
Bringing forward the lawsuit without clear regulatory guidelines had many criticize the regulator. CFTC commissioner, Summer Mersinger, even called the action a “regulation by enforcement” approach.
