Wu said that he learned that according to the Snapshot governance page, the Lido community initiated a proposal vote, suggesting that a designated entity respond to the pending class action lawsuit against Lido DAO. The plaintiff filed a lawsuit in the United States Federal Court for the Northern District of California, accusing Lido DAO of being a general partnership operating an Ethereum staking business and violating securities laws. On June 27, the court required Lido DAO to respond within 14 days, otherwise it would face a default judgment. The proposal appoints and funds Dolphin CL, LLC, located in Delaware, to hire legal counsel without recognizing and explicitly opposing that Lido DAO is a partnership, association, or other legally identifiable group or entity. The requested funding amount is 200,000 DAI.
