1. Having human beings involved means it’s not autonomous. From a legal point of view, if there isn’t some other meat space contract saying it’s a corporation like the LAO, most DAO’s are actually by default partnerships. https://twitter.com/insidenima/status/1264652676106784768">https://twitter.com/insidenim...
2. The worst part of this is that any DAO with identifiable members (partners) has full liability.
As far as I understand you don’t even have to identify all the members. You just need one. I’m looking at you ENS name on twitter profile, DAO token holding #ethereum hipsters.
As far as I understand you don’t even have to identify all the members. You just need one. I’m looking at you ENS name on twitter profile, DAO token holding #ethereum hipsters.
3. There are legal disputes like the one we see now. But there is also regulatory issues. I’m worried about the trend within #DeFi of “decentralizing” governance into a DAO to avoid regulation.
With my understanding FinCEN can just go after token holders of the DAO.
With my understanding FinCEN can just go after token holders of the DAO.
4. In my view and I am not a lawyer, the only way to avoid this is to remove control completely. If you can vote with your tokens, you have control and are a partner. You may still be a Beneficial Owner if you earn money through your DAO membership.
5. Experimenting with legal structures without understanding that they are legal structures can be a serious risk. I think there is enough similarities to both trust and corporation law that these can form a good basis for actually managing Smart Contract law intelligently.
6. A clarification to this part of this thread https://twitter.com/pelleb/status/1264812513318715392?s=21
It">https://twitter.com/pelleb/st... is the identifiable members that has FULL and unlimited liability for any action of the partnership, if no other contract or regulation specifically limits this per share for example. https://twitter.com/pelleb/status/1264812513318715392">https://twitter.com/pelleb/st...
It">https://twitter.com/pelleb/st... is the identifiable members that has FULL and unlimited liability for any action of the partnership, if no other contract or regulation specifically limits this per share for example. https://twitter.com/pelleb/status/1264812513318715392">https://twitter.com/pelleb/st...
7. A few articles I wrote about DAOs back around the time of The DAO.
Pre ICO:
https://medium.com/decentralize-today/the-dao-a-rebel-without-a-cause-9d63620ca49f
Pre">https://medium.com/decentral... Hack:
https://blog.stakeventures.com/articles/decision-making-in-daos-voting-or-buying
Post">https://blog.stakeventures.com/articles/... Hack:
https://medium.com/decentralize-today/my-humble-suggestion-for-dao-2-0-crowd-venture-fund-408fa4e48ba1">https://medium.com/decentral...
Pre ICO:
https://medium.com/decentralize-today/the-dao-a-rebel-without-a-cause-9d63620ca49f
Pre">https://medium.com/decentral... Hack:
https://blog.stakeventures.com/articles/decision-making-in-daos-voting-or-buying
Post">https://blog.stakeventures.com/articles/... Hack:
https://medium.com/decentralize-today/my-humble-suggestion-for-dao-2-0-crowd-venture-fund-408fa4e48ba1">https://medium.com/decentral...