❗️ A major blow to decentralized governance:

🟠 The U.S. District Court for the Northern District of California has ruled that Lido DAO is a limited partnership under state law.

🟠 Rejects Lido's argument that they are not a legal entity

🟠 The DAO is classified as a general partnership.

• Implications for participants:

📖 Identifiable participants in Lido DAO are involved in managing operations.

📖 Decentralized structure does not exempt from liability.

📖 Paradigm Operations, Andreessen Horowitz, and Dragonfly Digital Management are accused of acting as general partners.

📖 Significant precedent:

🟠 This defines the legal status of a profit-driven DAO.

🟠 Miles Jennings (a16z crypto) called it a "major blow to decentralized governance." 🟠 Even minimal participation in the DAO (including forum posts) can create legal liability.

📖 This decision sets a serious precedent for the entire DAO industry.

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