Pyth Network
PYTHOracle · Built in Porto · Douro Labs LLC
Listing suspended on 2026-09-14
Test 1 is not established: no registry, regulator, filing, or legal-document evidence, and no two independent sources, place Douro Labs' headquarters in the US. The Chicago HQ in the prior record is unsourced, and Douro Labs' LinkedIn page lists Porto, Portugal. Delaware registration and SEC engagement are evidenced. The record also lacks evidence that Douro Labs is still the principal contributor; its own 2025 SEC letter calls it "an initial contributor". Market data is withheld until verification meets the USCC evidence standard.
The verdict on record
Pathway: Foundation with a US principal contributor. Needs Tests 1 and 4, plus 2 or 3.
Test 1 · not met
Headquartered in the United States
Douro Labs LLC is not recorded with a US headquarters.
Test 4 · passes on primary documents
Registered in a US state
Douro Labs LLC is registered in DE.
2 sources· 2 primary
- Regulatorsec.gov/files/ctf-memo-dourolabs-052025.pdf2026-09-14
- Legal termsdourolabs.xyz/Privacy-Notice.pdf2026-09-14
Test 2 · not met
American founding team
0 of 1 named founders are established US persons holding operational roles today; a majority is required.
Test 3 · passes on primary documents
Primary operations in the United States
Douro Labs LLC met SEC Crypto Task Force staff on May 20, 2025 and submitted a written request for guidance on decentralized oracle networks on August 11, 2025.
2 sources· 2 primary
- Regulatorsec.gov/files/ctf-memo-dourolabs-052025.pdf2026-09-14
- Regulatorsec.gov/files/ctf-written-douro-labs-llc-081125.pdf2026-09-14
Legal entities
Douro Labs LLC
Delaware · principal contributor · Porto
4 sources· 3 primary
- Regulatorsec.gov/files/ctf-memo-dourolabs-052025.pdf2026-09-14
- Legal termsdourolabs.xyz/Privacy-Notice.pdf2026-09-14
- Referencelinkedin.com/company/douro-labs/2026-09-14
- Regulatorsec.gov/files/ctf-written-douro-labs-llc-081125.pdf2026-09-14
Founders
Mike Cahill
Co-founder and CEO, Douro Labs · US status not established · operating role today
1 source
- Presstheblock.co/profile/325945/mike-cahill2026-09-14
Regulatory posture
SEC
Douro Labs LLC met the SEC Crypto Task Force (2025-05-20), filed a written request for guidance on oracle pricing data (2025-08-11), and made a market-structure submission (2026-02-20).
3 sources· 3 primary
- Regulatorsec.gov/files/ctf-memo-dourolabs-052025.pdf2026-09-14
- Regulatorsec.gov/files/ctf-written-douro-labs-llc-081125.pdf2026-09-14
- Regulatorsec.gov/about/crypto-task-force/written-submission/douro-labs…2026-09-14
Record history
2026-09-14 · suspended
Suspended: no strong-class evidence of a US headquarters for Douro Labs (Test 1); available evidence points to Porto, Portugal.
2026-09-14 · correction
Entity corrected from "Douro Labs, Inc." to Douro Labs LLC, a Delaware limited liability company. The Chicago, IL headquarters was removed as unsourced; LinkedIn lists Porto, Portugal. Removed unsourced investor claims (Multicoin lead of a Series A, Jane Street, Sequoia, Wintermute) and audit claims (Halborn, OtterSec).
2026-04-29 · listed
Listed in the v0.1 allowlist.
About Pyth Network
Pyth Network is an oracle network publishing first-party financial market data on-chain. Douro Labs LLC, a Delaware limited liability company, joined the network as a core contributor in 2023 and has engaged the SEC Crypto Task Force on oracle pricing data. The Pyth Data Association is a Swiss association.