The importance of the DAO case in STO history
The DAO case in the SEC's interpretation of securities laws in relation to the STO would be considered a very important historical event in the future like the Howey case.
In the Howey case, the court prevailed over the SEC, which established clear criteria for securities and investment contracts. The Dao case has become an important event in the blockchain era that sets the standard for the application of securities laws to tokens.
The DAO was a very ideal project based on the DAO token. The DAO dreamed of a decentralized corporate organization, perhaps an idea that maximizes the value of utilizing the blockchain.
No employees, no buildings, no addresses. It was a decentralized company that ran without any entity. This ideal company could be implemented through only code. It was also a decentralized company where everyone could see how the company was working withe opened code.
But in the end, the ideal of trying to solve everything with code was neutralized by the weakness of the code. In addition, the SEC tried to clarify that DAO's ICO was a violation of securities laws, even after publishing a famous DAO report.
This series of events surrounding The DAO is a very important link in the historical process of the STO. This is because many blockchain projects have the necessity of working under institutional authority as a result of this issue.