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Legal Guild Weekly - May 25th 2021

Date

Type

Attendance

Note-taker

Created time

May 25, 2021

Last edited time

Jan 23, 2022

Last edited by

Text

Agenda

research on legislation for a Bankless DAO legal entity

reflections on a governance structure for the DAO

remuneration for Bankless DAO contributors

information about the guild on Notion

collaboration with other guilds

collaboration with “Legal Protocols” on Ethereum

Notes

After a brief presentation of the guild’s members, Eagle took the word and tackled the first item of the agenda in briefly summarizing the ongoing discussions about the need of a Bankless DAO legal entity.

Reuben explained that three factors had to be taken into consideration: operational needs, liability issues and taxation. Reuben further explained that the Bankless LLC is a simple tokenholder as the other members of the Bankless community. There is no juridical link between the Bankless LLC and the DAO.

On the operational needs, frogmonkee pointed out the potential need of getting payments in the off-chain world, as one of the purposes of the DAO is being present on the media.

Eagle addressed the problem of the choice of a proper jurisdiction to set up the legal entity. He explained that some American States and Switzerland were mainly considered within the discussions.

Josephit described the proposed Wyoming law and clarified the structure that the legal wrapper would have. During the following discussion, Josephit has further stated that BANK tokenholders could not be per se considered part of the legal wrapper.

The guild has then discussed the possibility of setting up a foundation in Switzerland. Eagle and Yves indicated some peculiarities of the Swiss non-profit legal structure.

In conclusion, Eagle proposed to continue to research on the topic and to subdivide the guild in sub-groups that will work on different legal systems.

The second item of the agenda was the DAO governance structure. Reuben expressed the view that the governance should not be wrapped in a legal tool. The guild then deeply discussed about the consensus mechanism and whether voting power should depend on the amount of token holdings. The members agreed that the issue is of central relevance also with respect to the functions and the value proposition of the BANK token.

The guild was of the opinion that the issue needs a broad discussion among the entire Bankless community.

It emerged that experience of other DAOs could be of great interest in trying to frame a proper structure. In this regard, frogmonkee also asked whether some prominent members of Nation governing bodies could be invited to discuss the issue with the DAO.

In conclusion, Eagle invited the guild’s members to visit the Wiki DAO and to give a look to the drafted presentation of the legal guild’s page, in order to present suggestions.

Legal Guild Weekly - May 25th 2021

Date

Type

Attendance

Note-taker

Created time

May 25, 2021

Last edited time

Jan 23, 2022

Last edited by

Text

Agenda

research on legislation for a Bankless DAO legal entity

reflections on a governance structure for the DAO

remuneration for Bankless DAO contributors

information about the guild on Notion

collaboration with other guilds

collaboration with “Legal Protocols” on Ethereum

Notes

After a brief presentation of the guild’s members, Eagle took the word and tackled the first item of the agenda in briefly summarizing the ongoing discussions about the need of a Bankless DAO legal entity.

Reuben explained that three factors had to be taken into consideration: operational needs, liability issues and taxation. Reuben further explained that the Bankless LLC is a simple tokenholder as the other members of the Bankless community. There is no juridical link between the Bankless LLC and the DAO.

On the operational needs, frogmonkee pointed out the potential need of getting payments in the off-chain world, as one of the purposes of the DAO is being present on the media.

Eagle addressed the problem of the choice of a proper jurisdiction to set up the legal entity. He explained that some American States and Switzerland were mainly considered within the discussions.

Josephit described the proposed Wyoming law and clarified the structure that the legal wrapper would have. During the following discussion, Josephit has further stated that BANK tokenholders could not be per se considered part of the legal wrapper.

The guild has then discussed the possibility of setting up a foundation in Switzerland. Eagle and Yves indicated some peculiarities of the Swiss non-profit legal structure.

In conclusion, Eagle proposed to continue to research on the topic and to subdivide the guild in sub-groups that will work on different legal systems.

The second item of the agenda was the DAO governance structure. Reuben expressed the view that the governance should not be wrapped in a legal tool. The guild then deeply discussed about the consensus mechanism and whether voting power should depend on the amount of token holdings. The members agreed that the issue is of central relevance also with respect to the functions and the value proposition of the BANK token.

The guild was of the opinion that the issue needs a broad discussion among the entire Bankless community.

It emerged that experience of other DAOs could be of great interest in trying to frame a proper structure. In this regard, frogmonkee also asked whether some prominent members of Nation governing bodies could be invited to discuss the issue with the DAO.

In conclusion, Eagle invited the guild’s members to visit the Wiki DAO and to give a look to the drafted presentation of the legal guild’s page, in order to present suggestions.