Suggested this in other channels and forums, but it’s time for those with a large vested interest to consider this type of proposal.
I think this is a great idea. Thanks for sharing!
I think that getting ahead of the regulators and being proactive when it comes to regulations is crucial. @Vulkan and I are also researching various organizations across the world that advocate for crypto and DAOs in order to see if the ApeCoin DAO could be a good fit and if so, will write an AIP.
Thanks for sharing this. I agree that we will likely need a fund for legal costs. We are in the process of discussing the entity forms for the working groups. Once that is nailed down, we can come up with a budget for a fund such as this.
Fully in favour of this… Been a long proponent of getting multinational legal and marketing firms on retainer; ready to be used as needed—who could also be offered to AIP projects with incentives provided to everyone involved.
Reading this made me think of the recent post on Ethics. I agree with you, and suggest that should be done for AIPs already passed or in the pipeline. IMO/IME we’re already giving them proverbial rope “if” they wanted to make an example of the DAO / coin launched by the premiere brand in NFTs.
And they do seem to be making high-profile examples. Signature bank was a message, not a bank failure. It wasn’t insolvent. Dapper Labs / NFT Top Shots has serious legal grief over emojis.
“Pyrrhic victory” comes to mind. A lot of legal wins are that type. If you even win, which is tough to do against hostile parties who have limitless resources AND get to make up the rules as they go along.
So yes, can’t be too careful and prevention is better than dipping into legal slush funds.
Thanks @Marklar for pinging this up here as well - couldn’t agree more on the importance of legal preparation for a storm that might very well be coming soon; and even if not good to set some reserves for a rainy day and secure everyone being active in the community.
I was thinking maybe we can even spin this around from passively preparing to actually actively engaging with lawyers and regulators already from here to help designing and creating frameworks for DAO contributors? In a first phase, would probably take a small budget for letting a good law firm scope (i) what the legal landscape looks like today, (ii) how ApeCoin DAO is compliant with all we know today and (iii) how we are pro-actively thinking beyond the current state to present a functioning precedent to policy makers and regulators alike.
Happy to support here in speaking with law firms and trying to get this going, if this is something the community also feels strongly about
I like this… Nice extension on the initial concept.
I believe there is a policy that the DAO may have in place and as the DAO appoints people to work / represent the DAO in a paid position, that policy will cover them as long as they are listed on the policy.
-don’t quote me on the exact way they need it worded for the coverage, but it exists.
Is there an OPAG for the DAO? Would love to peruse over it and see what kind of protections might already exist or missing.
Agreed. No brainer… just should ensure there are safegaurds to avoid invoices for DD/Discovery and other traditional legal money pits.
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