Legal Guild Weekly
Date
Oct 28, 2021
Type
Attendance
Note-taker
Created time
Oct 28, 2021
Last edited time
Jan 23, 2022
Last edited by
Text
- Launch of the newsletter
- LarryFlorio encouraged everyone to share the same.
- The 15 November Deadline for article submission was discussed and it will be confirmed later.
- Contribution for the November issue
- Omen wants to write an article on the latest FATF guidance.
- Jalaj719 will be writing an article on Wyoming DAO law.
- Taxpanda will be writing on a popular NFT tax guide. He proposed a short piece and not a full-blown piece. It would be great to benefit from the pre-existing research. He also proposed an update in the newsletter on the US Infrastructure Bill reporting requirements.
- GC asked that whether usage of the registered symbols was an issue internationally. It was clarified it wasn't.
- Entity for Bankless DAO:
- Had a fruitful meeting one hour before. It was suggested a weekly / biweekly meeting to discuss the issue further. The participants discuss the different models. Hub and Spoke structure was proposed with the Bankless DAO being in the middle.
- It was suggested that a competitive legal bounty can be set up for lawyers to propose.
- The most complex hurdle is the concept of providing consultancy services through DAO. This concept is hard to strategise as there is no clear path ahead.
- Omen stated that there are many precedents that reflect that many LLCs have transformed into DAOs and not the other way around. However, there is no standard solution that has been found.
- It was also suggested that Bankless could be registered as a non-profit entity. However, no one is really sure if one can proceed with this as the aim of the DAO might be to be profitable.
- LarryFlorio stated that the threat to be construed as a general partnership still remains. Even the idea of the agency was suggested. The idea of KYC was proposed but the issue is that it can be construed as against the spirit of decentralised nature of DAOs.
- Gabion18 clarified that the KYC would mean identifying the participant. He also discussed the AML/KYC related concerns. Katze stated that a small amount of crypto can’t be traced unless they are declared.
- Katze also brought up the taxation requirements for non-US citizens. The global taxation regime for US-born was discussed.
- Omen: Is crypto really unregulatable? An elaborate loose discussion took place in which people gave opinions.
- New Members:
- Omen introduced himself as a securities lawyer from Toronto, Canada. He predominantly works with start-ups and DAOs.