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RE: Daily Crypto Markets Live Blog: CFTC Files Suit Against DAO (09/23/22)

in LeoFinance4 months ago

A DAO is being sued by the CFTC. This is a first. The regulator feels that DAO have to comply with the law.

It just shows how these things need to be truly decentralized and spread throughout the world.

If not, they are open to getting attacked.

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The regulator is just bringing themselves closer to their own demise.

So they weed out the notsoDecentralised Autonomous Organisations with founders, pre-mines and entities in control of governance.

But what happens when they get to actual DAOs that have near bulletproof decentralised governance, run on decentralised networks?

Say like Hive's for example ;)

Seriously what happens then?

They literally can't do anything.

So do they just ignore us?

Do they make a lot of noise about us?

And then what happens when they ultimately fail and the Hive DAO remains untouchable?

Continuing to allocate UNREGULATED MONEY (ooo scary), to wherever the network votes to allocate it.

Personally, I hope the CFTC keeps pushing.

Because the more they push, the closer we can get to the point where the regular citizen taxpayer realises they are wasting everyone's time and therefore their role is forced to shift.

Posted Using LeoFinance Beta

I guess they can make using Hive illegal in the US. But, as long as we have enough people willing to exchange goods and services for Hive we are good.

Posted Using LeoFinance Beta

Wonder how this would play out being the first.

"an unincorporated association..."
"The commission also accused the founders of not following anti-money laundering laws."

Seems to be the common reasons they can put out.

Hope true decentralization happens sooner...

Posted Using LeoFinance Beta

Just thinking, can that DAO file also a case against CFTC for any damages resulting from such a case without sufficient legal basis? 😆🤣

A lot of these are coming. There is hardly a single decentralised DAO out there. Most of them are controlled by one or two wallets/entities and these lawsuits are probably good for the space.

Posted Using LeoFinance Beta