California Court Rules Lido DAO Members Can Be Held Liable Under Partnership Laws

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The story "California Court Rules Lido DAO Members Can Be Held Liable Under Partnership Laws" was covered 12 hours ago by Decrypt, a news publisher based in Estonia.

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Decrypt 12h ago

California Court Rules Lido DAO Members Can Be Held Liable Under Partnership Laws - Decrypt

Quick Summary:

The court rejected Lido's claim as a non-legal entity, holding its DAO participants liable despite its decentralized structure.

Paradigm Operations, Andreessen Horowitz, and Dragonfly Digital Management were implicated as general partners based on their alleged active involvement in Lido governance and operations.

It also found Lido DAO’s lack of direct token sales did not exempt it from liability.“The courts have construed the statutory phrase ‘offers or sells’ broadly to cover someone who ‘solicits’ the purchase of securities.