In what appears to be a case of first impression, a federal district court has held that a decentralized autonomous organization (DAO) is a person subject to the provisions of the Commodity Exchange Act, as amended (CEA), and rules and regulations of the Commodity Futures Trading Commission (CFTC). 

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Tags: blockchain, blockchain technology, commodities, Commodity Futures Trading Commission (CFTC), decentralized autonomous organization (DAO), DeFi, GT Insight, litigation
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Photo of Jeffry M. Henderson Jeffry M. Henderson

Jeffry M. Henderson, a former general counsel for a publicly traded futures commission merchant, has deep futures and derivatives industry experience. He focuses his practice on a variety of complex compliance, regulatory, investigation, litigation, and managed fund matters. This representation regularly involves futures,

…

Jeffry M. Henderson, a former general counsel for a publicly traded futures commission merchant, has deep futures and derivatives industry experience. He focuses his practice on a variety of complex compliance, regulatory, investigation, litigation, and managed fund matters. This representation regularly involves futures, derivatives, swaps, forex, securities, cryptocurrency, and binary options. He represents and advises a broad range of clients, including futures commission merchants, broker-dealers, investment advisers, commodity trading advisers, introducing brokers, forex trading firms, commodity pool operators, and hedge fund managers. He also provides counsel to a variety of industry participants, including proprietary trading firms and exempt investment managers regarding disclosure matters and compliance obligations and regulatory and enforcement matters. He is also regularly involved in defending member and member firms before CFTC, NFA, SEC and FINRA. He currently serves as a public director for an applicant Designated Contract Market and an applicant Designated Clearing Organization.

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Photo of Douglas E. Arend Douglas E. Arend

Douglas E. Arend focuses his practice on commodity futures, derivatives and securities, with an emphasis on managed funds. He represents registered and exempt investment advisers, commodity pools and hedge funds, proprietary trading firms, introducing brokers, futures commission merchants and broker-dealers. Douglas concentrates on…

Douglas E. Arend focuses his practice on commodity futures, derivatives and securities, with an emphasis on managed funds. He represents registered and exempt investment advisers, commodity pools and hedge funds, proprietary trading firms, introducing brokers, futures commission merchants and broker-dealers. Douglas concentrates on complex transactional and regulatory matters, including public and private offerings, fund formation, business structuring, registration and compliance. His public fund experience includes SEC registered offerings, and compliance with the Securities Act of 1933, the Dodd-Frank Act, the Commodity Exchange Act and CFTC regulations.

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