CFTC Files Lawsuit Against Decentralized Autonomous Organization (theblock.co) 11
In a first, the Commodity Futures Trading Commission (CFTC) has sued a decentralized autonomous organization, including the holders of governance tokens. From a report: The CFTC unveiled late Thursday a $250,000 penalty and settlement with bZeroX, LLC and its founders, Kyle Kistner and Tom Bean. The two oversaw the development of the bZx protocol, a protocol for decentralized lending and other activities. The bZx protocol drew headlines in 2020 after suffering code exploits, resulting in the loss of hundreds of thousands of dollars with of crypto. But the CFTC's action today including the filing of a lawsuit against Ooki DAO, which in 2021 was used to govern the protocol as part of a decentralization effort, could have the broader impact.
I have no clue (Score:3)
what this is about
Re: (Score:3)
What this is about is the cryptocurrency crackdown is finally happening [slashdot.org]. However one feels about cryptocurrency, we all knew that government would come after it eventually for a broad variety of reasons, the most relevant of which is money laundering and therefore taxation.
Re:I have no clue what this is about (Score:1)
How dare Slashdot make us read the TFA to know WTF intro is saying. Blaspheme!
Re: (Score:2)
Have you ever been in a conversation with somebody else who's technically astute in whatever field and then somebody walks by and says, "bleep bleep bloop you guys with all your tech talk!" and they think they're mocking you but nobody else sees it that way?
Re: (Score:3)
Your analogy breaks because a lot of "tech talk" is actually just buzzwords and name-dropping, just like this posting is. I know what a "decentralized autonomous organization" is. (and amusingly I also know that originally they were called "decentralized autonomous corporations" but changed the name in order to avoid oversight... I guess the gig is up on that lol. But I digress.)
The rest is vague incoherent nonsense. I don't mind R'ing TFA but it's worth noting that this "article" doesn't even bother explai
Re: (Score:2)
I agree, the summary is just utter garbage. As a lot of the garbage is directly quoted from the original article, I see no reason to click any further.
Re: (Score:2)
Basically, some cryptocurrency people engaged in illegal activities. That's the mundane part that everyone has pretty much come to expect.
The interesting part is that the "people" who engaged in the illegal activities were a DAO, which is...uhh...it's basically like a Kickstarter project, except instead of pre-ordering a tchotchke, you're buying shares in a company. Using cryptocurrency, of course. It's a crowdfunded digital mob in the guise of a business.
More or less, someone says "I want to do X and could
This is actually great news for crypto (Score:2)
Great news for crypto and Ponzi scammers bad news for anyone who likes having a stable economy. Try to imagine what the
hundreds of thousands???? (Score:2)
Not real money. Nothing of value was lost.
They can't decide what crypto is (Score:2)
You have the SEC mobilizing against Ethereum. You have the CFTC mobilizing here. Meanwhile, the much more disciplined and impartial government lawyers at the DoJ haven't taken any action either way. That's significant because people who actually watch the securities and commodities market know that the SEC and CFTC are essentially the shit-flinging monkeys of federal regulation of the markets while the DoJ does the actual policing when maniacs get too far out of control. By and large, the only REAL regulato