The prediction was that after the ConstitutionDAO episode in late 2021, more DAOs/crypto schemes would emerge that "rip people off," leading to heightened U.S. regulatory attention and a clamp‑down on such structures.

1. More harmful crypto schemes after ConstitutionDAO. ConstitutionDAO formed in November 2021 and quickly dissolved after failing to win the auction, marking a high‑profile early DAO experiment. (en.wikipedia.org) In the years immediately following, several very large crypto platforms and projects collapsed amid findings or allegations of fraud and massive investor losses, including:

   • Celsius Network, which froze withdrawals in June 2022, went bankrupt, and its founder Alex Mashinsky was later convicted and sentenced to 12 years for securities and commodities fraud that misled customers. (en.wikipedia.org)
   • Terraform Labs (TerraUSD/Luna), whose 2022 collapse wiped out an estimated $40 billion in value and led to a $4.47 billion SEC fraud settlement against Terraform and its founder Do Kwon. (reuters.com)
   • FTX, whose 2022 failure led to the conviction of founder Sam Bankman‑Fried on seven counts of fraud and conspiracy, with a 25‑year prison sentence and an $11 billion forfeiture order, one of the largest financial‑fraud cases in U.S. history. (en.wikipedia.org)
     These events clearly fit the pattern of additional crypto structures that severely harmed investors after late 2021.

2. Heightened U.S. regulatory interest and clamp‑down. In March 2022, the White House issued Executive Order 14067 on “Ensuring Responsible Development of Digital Assets,” directing a whole‑of‑government review focused on consumer/investor protection, systemic‑risk mitigation, and potential new regulation for digital‑asset issuers, platforms, and intermediaries — an explicit elevation of regulatory attention to crypto. (bidenwhitehouse.archives.gov) The SEC’s own enforcement statistics show a record‑breaking year in FY 2022 (760 enforcement actions and unprecedented penalties) and even more total actions in FY 2023, with the agency highlighting crypto‑asset securities as a major enforcement priority. (goodwinlaw.com)

   Regulators also began targeting DAOs and DeFi protocols directly. The CFTC’s case against Ooki DAO resulted in a 2023 default judgment treating the DAO as a "person" under the Commodity Exchange Act, imposing a monetary penalty, permanent trading and registration bans, and ordering shutdown of its website — a precedent‑setting clamp‑down on the idea that DAOs are “enforcement‑proof.” (cftc.gov) Subsequent legal commentary notes that Ooki DAO and related cases (e.g., Sarcuni v. bZx DAO, Houghton v. Leshner, True Return v. MakerDAO) are developing new theories of DAO liability that can expose token‑holding participants to joint responsibility, underscoring an intensifying legal and regulatory focus on DAOs. (reuters.com)

Together, the post‑2021 wave of damaging crypto/DAO schemes and the clear, measurable rise in U.S. regulatory scrutiny and enforcement — including actions specifically against DAOs and DeFi protocols — match the substance of Friedberg’s forecast. The prediction that such episodes would both harm investors and trigger a regulatory clamp‑down on these structures has, on balance, come true.