▁is ▁unclear ; ▁ ▁some ▁similar ▁approaches ▁have ▁been ▁regarded ▁by ▁the ▁U . S . ▁Sec ur ities ▁and ▁Exchange ▁Commission ▁as ▁illegal ▁offers ▁of ▁un register ed ▁se cur ities . ▁Although ▁unclear , ▁a ▁DA O ▁may ▁function ally ▁be ▁a ▁corpor ation ▁without ▁legal ▁status ▁as ▁a ▁corpor ation : ▁a ▁general ▁partners hip . ▁This ▁means ▁potentially ▁un limited ▁legal ▁li ability ▁for ▁participants , ▁even ▁if ▁the ▁smart ▁contract ▁code ▁or ▁the ▁DA O ' s ▁prom ot ers ▁say ▁otherwise . ▁Kn own ▁participants , ▁or ▁those ▁at ▁the ▁interface ▁between ▁a ▁DA O ▁and ▁reg ulated ▁financial ▁systems , ▁may ▁be ▁targets ▁for ▁regul atory ▁enfor cement ▁or ▁civil ▁actions . ▁ ▁Security ▁ ▁The ▁code ▁of ▁a ▁given ▁DA O ▁will ▁be ▁difficult ▁to ▁alter ▁once ▁the ▁system ▁is ▁up ▁and ▁running , ▁including ▁bug ▁fixes ▁that ▁would ▁be ▁otherwise ▁trivial ▁in ▁central ised ▁code . ▁Cor re ctions ▁for ▁a ▁DA O ▁would ▁require ▁writing ▁new ▁code ▁and ▁agreement ▁to ▁migr ate ▁all ▁the ▁funds . ▁Although ▁the ▁code ▁is ▁visible ▁to ▁all , ▁it ▁is ▁hard ▁to ▁repair , ▁thus ▁leaving ▁known ▁security ▁holes ▁open ▁to ▁explo itation ▁unless ▁a ▁mor ator ium ▁is ▁called ▁to ▁enable ▁bug ▁fixing . ▁ ▁In ▁ 2 0 1 6 , ▁a ▁specific ▁DA O , ▁" The ▁DA O ", ▁set ▁a ▁record ▁for ▁the ▁largest ▁crow df und ing ▁campaign ▁to ▁date . ▁Research ers ▁pointed ▁out ▁multiple ▁issues ▁in ▁the ▁code ▁of