CFTC Wins Lawsuit Against Ooki DAO, Solana Foundation and Polygon Labs Argues Against Securities Classification

Market Update Equity markets edged higher ahead of a key week where investors await key inflation data and the Federal Reserve's interest rate decision. May's CPI data comes out tomorrow, while the next FOMC meeting is on Wednesday. $SPX and $QQQ are trading 0.2% and 0.5% higher than Friday's close, while $NDAQ is down ~11% after announcing a $10.5b acquisition of Adenza, a software provider for banks and brokerages in a cash-and-stock deal. Digital asset markets have been mostly ranging since Saturday's early dump, with $BTC and $ETH trading 0.5% and 0.9% lower in the past day. Coins listed in the SEC's suit have been performing the worst in the past week, with $SAND, $MANA, $AXS, $CHZ among the lot with weekly losses larger than 30%.  The Commodity Futures Trading Commission (CFTC) has won its lawsuit against the decentralized autonomous organization (DAO) Ooki DAO, which was alleged to have offered unregistered commodities. The decision resulted in Ooki DAO paying a $643,542 penalty, ceasing operations permanently, and shutting down its website. This lawsuit marks one of the first instances where a government agency has successfully targeted a DAO and its token holders. More importantly, the lawsuit has set a precedent against the prevailing belief in the DeFi industry tha