Ookidao Community member started discussion Exploring possible financing options to defend their lawsuits against the CFTC.
The Commodity Futures Trading Commission (CFTC) filed a lawsuit on Sept. 27, alleging that Oki DAO’s leverage and margin trading services were illegal.
As a result, voting members of the DAO are deemed to be subject to possible sanctions for allegedly violating the provisions of the Commodity Exchange Act (CEA).
ongoing discussion in Oki DAO Forum We have outlined three action plans to help communities raise funds to respond to CFTC complaints.
To bootstrap internally, DAO members were able to authorize the withdrawal of funds from the Oki Ministry of Finance. The funds will be used to hire attorneys to represent the accused Oki DAO members.
When seeking external funding, the Ooki DAO can submit Gitcoin grant requests to members of the crypto community to support their legal defense.
According to the discussion, Ooki DAO’s plan to receive donations from the wider community is significant as the outcome of its ongoing litigation will shape the future of other DAOs offering DeFi services.
“The outcome of the Ooki DAO CFTC lawsuit sets a precedent for other DAOs in the cryptocurrency industry and could have far-reaching implications for the entire cryptocurrency industry as it relates to the liability of DAO voting members.”
A third funding option is to create and sell NFTs to support Ooki DAO’s legal defense.
Community Supports Funding Plan
So far, the Oki DAO members who participated in the discussion have unanimously agreed with the proposal.
Some have offered to contribute to legal fees, while others agree that the broader crypto community should come together to protect the future of DeFi regulation.
We still have time to help shape the future of DeFi regulation. Let’s decide together what to do next.
Delphi Digital General Counsel Gabriel Shapiro said: advised DAOs must respond within 21 days to avoid being automatically defeated by the CFTC.
