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Are DAO members personally liable? A CFTC case may clarify


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Good morning, and welcome to Protocol Fintech. This Monday: the big question of DAO liability, Gov. Gavin Newsom’s veto of California’s big crypto bill, and the search for Do Kwon.

Off the chain

Russia still can’t make up its mind about crypto. The country is now considering using digital currencies in international trade, for obvious reasons. But if sanctions tighten further as Russia’s war in Ukraine flounders, Putin may find that the blockchain is not a great place to hide.

— Owen Thomas (email | twitter)

DAO unto others

The winds from Washington blow ever colder in crypto winter. The industry is once again up in arms about what many call another “regulation by enforcement” action. But this time, Gary Gensler’s SEC isn’t the subject of their complaints. Instead, it’s the ostensibly more crypto-friendly CFTC that’s angered them, after the agency swept in members of a DAO into a civil enforcement action.

The CFTC is raising fundamental questions about a DAO’s liability. The…

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