ChainCatcher News, the Commodity Futures Trading Commission (CFTC) Technical Advisory Committee plans to hold a meeting on July 18 at its headquarters in Washington, D.C., to discuss topics related to decentralized finance (DeFi) and more.CFTC Commissioner Christy Goldsmith Romero stated in a statement on Wednesday: "In addition to other DeFi issues, we will also discuss decentralized finance (DeFi) models such as decentralized autonomous organizations (DAOs) and the Commission's recent Ooki DAO case."Additionally, the committee will hear from technical experts on topics such as artificial intelligence and decentralized finance. According to the statement, the committee also plans to establish three subcommittees, one of which will focus specifically on digital assets and blockchain technology. (Source link)

ChainCatcher news, court documents show that the Commodity Futures Trading Commission (CFTC) has begun to seek a default judgment from the court regarding its case against Ooki DAO after Ooki DAO missed the deadline to respond to the lawsuit.The CFTC has requested the court to enter a "default record" against Ooki DAO, stating that it missed the deadline to "answer or otherwise defend" as indicated in the summons. If approved, the default record will indicate that Ooki DAO has failed to defend itself in court and will no longer be able to answer or respond to the lawsuit. A "default record" is the first step toward obtaining a default judgment, which is a ruling made by the court when the defendant fails to defend against the lawsuit.In September last year, the CFTC sued Ooki (formerly bZx) for using a DAO structure to evade regulation and imposed a $250,000 fine. In December, a U.S. judge ordered the CFTC to sue the two original founders of Ooki DAO. (source link)

According to ChainCatcher, as reported by CoinDesk, the U.S. District Court for the Northern District of California held a hearing last week regarding the Commodity Futures Trading Commission (CFTC) lawsuit against Ooki DAO. Judge William Orrick did not make a ruling that day but subsequently ordered the CFTC to notify Ooki DAO founders Tom Bean and Kyle Kistner of the lawsuit. "The CFTC claims it knows that some token holders of Ooki DAO reside in the U.S. and conduct business in the U.S. because the two founders of the predecessor entity bZeroX are token holders residing in the U.S. This is new information to me. To provide the best possible notice, the CFTC should, where possible, at least serve one identifiable token holder with notice of the lawsuit." (CoinDesk)

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)

ChainCatcher news, according to CoinDesk, regarding the lawsuit by the U.S. Commodity Futures Trading Commission (CFTC) against the margin trading lending protocol Ooki (formerly bZx) and its operating organization Ooki DAO, the legal service organization LeXpunK Army stated that regulators should identify individuals who violate federal law, rather than treating the DAO as an entity. A DAO is not a person and should not be considered as one; it is typically a collective that manages activities through voting with crypto tokens.LeXpunK Army also believes that whether a DAO is an unincorporated association should be interpreted under federal regulations of the Commodity Exchange Act, rather than according to state laws. (CoinDesk)