Statement of CFTC Division of Enforcement Director Ian McGinley on the Ooki DAO Litigation Victory

06/09 19:55

Washington, D.C. — Today, CFTC Division of Enforcement Director Ian McGinley released the following statement on the CFTC’s sweeping victory in the Ooki DAO litigation. Last night, U.S. District Judge William H. Orrick entered a default judgement order that requires the defendant Ooki DAO, a decentralized autonomous organization that the CFTC charged with operating an illegal trading platform and unlawfully acting as a futures commission merchant (FCM), to pay a civil monetary penalty of $643,542; orders permanent trading and registration bans; and orders the Ooki DAO, as well as any third party providing web-hosting or domain-name registration services to shut down the Ooki DAO’s website and remove its content from the Internet.  Critically, in a precedent-setting decision, the court held that the Ooki DAO is a “person” under the Commodity Exchange Act and thus can be held liable for violations of the law.  The court then held that the Ooki DAO did, in fact, violate the law as charged.

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