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bZX DAO Class-Action Ruling: Dev With Upgrade Key Makes Platform Custodial

A US district judge has ruled that developers with upgrade keys to a smart contract make the arrangement custodial, according to an update to the class-action lawsuit against bZX DAO members. Web3 lawyers spotted the significance of the ruling, which may mean that decentralized finance (DeFi) platforms that use multisigs may be seen as custodial platforms. This could require such projects to obtain licenses for custody to comply with the law. The ruling has been deemed significant for the decentralized autonomous organization (DAO) space, and must be examined by anyone thinking about legal liability in the DAO space, said Gregory Schneider, deputy general counsel for Hedera.

(By EZRA REGUERRA)

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