The hot topic in the crypto community recently is obviously the SEC vs. exchanges. Because this incident caused the ups and downs of the big and second coin in the circle, it dealt a serious blow to the wallets of the friends. The spectators inexplicably paid tips for the actors on the scene.
In fact, in addition to the SEC vs. exchanges, another important event has quietly occurred in the industry recently. It’s just that this event has been overshadowed by the heat of the SEC vs. exchanges.
Recently, a US court ruled on a case. In this case, the US Commodity Futures Trading Commission sued a DAO organization called Ooki, believing that the organization illegally operated an exchange and illegally engaged in financial intermediary business. Obviously, the court ruled in favor of the US Commodity Futures Trading Commission. This means that the DAO needs to pay the price for its actions. Don't think that DAO is a decentralized organization and you don't have to take responsibility. The court summoned every member of the DAO organization and basically determined the responsibility in a penetrating manner. Thinking of the Tornato agreement more than half a year ago, the United States completely ignored the decentralization of the DAO organization and arrested the head of Tornado across borders. These cases represent the attitude of the United States towards various DAO organizations.
For the long-term development of the crypto industry, I think the US court's ruling is beneficial. In the real world, rights and responsibilities are one. Traditional companies enjoy the rights granted by corporate law and have the obligation to comply with various legal provisions. This rule also exists in the crypto world. In the crypto world, all entities engaged in the industry also need to abide by the constraints of the law of equal rights and responsibilities. If these constraints do not come from laws and regulators, the market will spontaneously produce things that constrain everyone's rights. For example, hackers, such as market collapse.
In the previous year’s DAO practice, we saw the function of DAO organizations in some non-persistent business operations. For example, a group of people with common interests can use DAO organizations to gather everyone’s strength to do a simple thing. For example, buying the copyright of a certain singer. However, we did not see that DAO can replace traditional centralized companies and conduct efficient company operations. Even Ethereum, a benchmark project in the encryption industry, can be upgraded. Even if Ethereum’s upgrade will sacrifice traditional miners’ income and cause dissatisfaction among miners.
In the practice of DAO in the previous year, DAO was more of an excuse and vest to evade supervision. As mentioned above, where supervision is lacking, it means unlimited rights and unlimited reduction of corresponding responsibilities. There is no doubt that there is evil in human nature. Such a place will undoubtedly become a place for crimes and filth.
This case of the US court is believed to be followed by other major countries in the world soon. This basically means that the DAO craze has come to an end. If DAO wants to have greater development in the future, it must come up with a plan on how to match rights and responsibilities. If such a plan cannot be proposed, then friends do not need to pay attention to the DAO concept. #dao
