a16z has submitted a non-party statement regarding the CFTC's lawsuit against Ooki DAO

ChainCatcher news, a16z has submitted an amicus brief regarding the case of the Commodity Futures Trading Commission (CFTC) vs. Ooki DAO, primarily focusing on the viewpoint of "why the CFTC should regulate applications, not protocols."

According to U.S. federal law, providing effective service to unincorporated groups requires the CFTC to claim that the members of the group have a "common legal purpose," and the CFTC has not claimed that Ooki DAO has a legal purpose, even though they do have a legitimate purpose, which is to manage the Ooki Protocol. "This approach would allow the CFTC to hold bad actors accountable while protecting Web3 and its good actors." (source link)