法院裁定 Lido DAO 成員根據合夥法承擔責任

本案例聚焦於流行的流動性質押協議（LSP）背後的去中心化管理機構。儘管如此，這一先例標誌著一個具有里程碑意義的決定，對去中心化治理具有重大影響。

A federal court in California has ruled that members of the Lido DAO can be held liable under state partnership laws. The case, brought by a purchaser of Lido's native LDO tokens, centered on the decentralized governing body behind the popular liquid staking protocol (LSP). While the ruling pertains to Lido DAO, its precedent has broader implications for decentralized governance.

加州的聯邦法院裁定，根據州合夥企業法，Lido DAO 的成員需承擔責任。該案件由 Lido 原生 LDO 代幣的購買者提起，主要針對流行的流動質押協議（LSP）背後的去中心化管理機構。雖然該裁決涉及 Lido DAO，但其先例對去中心化治理有更廣泛的影響。

Andrew Samuels filed a class-action suit in December, alleging that Lido's LDO tokens were sold as unregistered securities. He claimed to have purchased the tokens on the secondary market in April and May 2023 through the Gemini exchange. His lawsuit aimed to hold the DAO liable for his financial losses due to the declining value of the tokens.

Andrew Samuels 在 12 月提起集體訴訟，指控 Lido 的 LDO 代幣作為未註冊證券出售。他聲稱於2023年4月和2023年5月透過Gemini交易所在二級市場購買了這些代幣。他的訴訟旨在要求 DAO 對因代幣價值下跌而造成的經濟損失負責。

In his complaint, Samuels argued that the DAO actively solicited token purchases on exchanges, which violated securities laws. The court agreed with this argument, stating that the DAO's structure and activities subjected it to general partnership liability.

Samuels 在申訴中辯稱，DAO 積極在交易所招攬代幣購買，違反了證券法。法院同意這一論點，指出 DAO 的結構和活動使​​其承擔普通合夥責任。

"The statutory phrase 'offers or sells' has been construed broadly to include solicitation of securities purchases. Samuels has sufficiently alleged that Lido DAO solicited these purchases, making it liable," the court noted.

「法定短語『要約或出售』被廣泛解釋為包括招攬證券購買。Samuels 充分指控 Lido DAO 招攬了這些購買，使其承擔責任，」法院指出。

The ruling, issued on Monday by Judge Vince Chhabria of the US Northern District Court of California, rejected Lido DAO's claim that it operates as a non-legal entity immune to traditional legal frameworks. Instead, the court classified the DAO as a general partnership, rendering its participants liable for its operations and debts.

美國加州北區法院法官文斯·查布里亞 (Vince Chhabria) 週一做出的裁決駁回了 Lido DAO 的主張，即其作為不受傳統法律框架影響的非法律實體運作。相反，法院將 DAO 歸類為普通合夥企業，使其參與者對其營運和債務負責。

The court identified specific participants, including prominent venture capital (VC) firms Paradigm Operations, Andreessen Horowitz (a16z), and Dragonfly Digital Management. According to the ruling, these VCs qualify as general partners due to their active involvement in Lido DAO's governance and operations. However, another investor, Robot Ventures, was dismissed from the lawsuit due to insufficient evidence of direct participation.

法院確定了具體參與者，包括著名創投公司 Paradigm Operations、Andreessen Horowitz (a16z) 和 Dragonfly Digital Management。根據裁決，這些創投公司由於積極參與 Lido DAO 的治理和營運而有資格成為普通合夥人。然而，另一家投資者Robot Ventures因直接參與證據不足而被駁回訴訟。

The court's decision marks a significant moment in the legal treatment of decentralized autonomous organizations (DAOs). DAOs are designed to operate without centralized control, but the court found that Lido DAO's structure — where token holders collectively govern decisions and earn staking rewards — met California's definition of a general partnership.

法院的判決標誌著去中心化自治組織（DAO）法律待遇的重要時刻。 DAO 的設計目的是在沒有集中控制的情況下運行，但法院發現 Lido DAO 的結構（代幣持有者集體管理決策並賺取質押獎勵）符合加州對普通合夥企業的定義。

"[This case] raises critical questions about the ability of individuals in the crypto ecosystem to shield themselves from liability through novel legal arrangements tied to decentralized financial instruments," Judge Chhabria wrote in his ruling.

查布里亞法官在裁決中寫道：「[此案]提出了關於加密生態系統中的個人是否有能力透過與去中心化金融工具相關的新穎法律安排來保護自己免受責任的關鍵問題。 」

This decision suggests that mere association with a DAO may not be enough to establish liability; instead, active involvement in governance or operations is required.

這項決定表明，僅與 DAO 關聯可能不足以確定責任；相反，需要積極參與治理或營運。

The ruling has sparked concern in the crypto and blockchain community. Miles Jennings, General Counsel and Head of Decentralization at a16z crypto, described the decision as a severe setback for decentralized governance.

該裁決引發了加密貨幣和區塊鏈社群的擔憂。 a16z crypto 總法律顧問兼去中心化主管 Miles Jennings 表示，這項決定是去中心化治理的嚴重挫折。

"Under the ruling, any DAO participation (even posting in a forum) could be sufficient to hold DAO members liable for the actions of other members under general partnership laws," Jennings wrote in a statement on X (formerly Twitter).

詹寧斯在X（前身為Twitter）上的一份聲明中寫道：「根據這項裁決，任何DAO 參與（甚至在論壇上發布）都足以讓DAO 成員根據普通合夥人法對其他成員的行為承擔責任。

The decision highlights the risks for participants in DAOs, especially those involved in governance or decision-making processes. By rejecting the argument that a DAO's decentralized structure shields its participants from liability, the court has set a precedent that could impact other DAOs and their contributors.

該決定強調了 DAO 參與者的風險，尤其是參與治理或決策過程的參與者。透過駁回 DAO 的去中心化結構使其參與者免於承擔責任的論點，法院開創了一個可能影響其他 DAO 及其貢獻者的先例。

The ruling emphasized that a general partnership can exist even without the explicit intent to form one. It is established if two or more individuals associate to co-own and operate a business for profit.

裁決強調，即使沒有明確建立合夥企業的意圖，普通合夥企業也可以存在。如果兩個或兩個以上的個人以營利為目的聯合擁有並經營一家企業，則該企業成立。

This case has far-reaching implications for the crypto industry, particularly for decentralized projects that rely on token-based governance models. Moving forward, DAOs may need to reconsider their structures and establish legal entities to protect participants from similar liability risks.

此案對加密產業有著深遠的影響，特別是對於依賴基於代幣的治理模式的去中心化計畫。展望未來，DAO 可能需要重新考慮其結構並建立法律實體，以保護參與者免受類似的責任風險。

"Every DAO will require a legal wrapper, a careful choice of jurisdiction, and compliance with laws of security (token) issuance unless the law changes," Chief Apostle of RWA commented.

RWA 的首席使徒評論道：“除非法律發生變化，否則每個 DAO 都需要一個法律包裝、仔細選擇管轄權並遵守證券（代幣）發行法律。”

The decision signals a challenging road ahead for Lido DAO and its participants as they navigate the legal and regulatory landscape. Meanwhile, other DAOs and decentralized projects may face increased scrutiny as courts and regulators examine their operations under traditional legal frameworks.

這項決定標誌著 Lido DAO 及其參與者在應對法律和監管環境時面臨著充滿挑戰的道路。同時，隨著法院和監管機構在傳統法律框架下審查其他 DAO 和去中心化計畫的運作，它們可能會面臨更嚴格的審查。

Lido DAO's LDO token is down nearly 2% on this news. At the time of writing, it is trading at $1.18.

受此消息影響，Lido DAO 的 LDO 代幣下跌了近 2%。截至撰寫本文時，其交易價格為 1.18 美元。