In the Matter of The DAO

The DAO was a decentralized autonomous organization existing only in computer code, created as a for-profit venture that sold "DAO Tokens" to pseudonymous investors in exchange for the cryptocurrency Ether. The DAO pooled investors' Ether to fund business projects, and token holders could vote on projects, but only after The DAO's curators pre-approved which proposals could reach a vote; approved and profitable projects would share profits with token holders.

Whether securities laws apply to virtual organizations using distributed ledger technology.