Legal Guild Weekly
Date
May 12, 2022
Type
Attendance
Note-taker
@Jay_the_Legal_Wizard
Created time
May 19, 2022
Last edited time
May 19, 2022
Last edited by
Text
New members:
- Amishrakefight – practicing 15 years, advises on crypto, lawyer from Arizona, joined the consulting group, has been listening to Bankless podcast
- Whales – 4 months in Bankless DAO, happy to contribute
Newsletter:
- Shipment on May 25
- 1 of 7 articles is already in
- Other articles are being prepared
- Each author participating in the meeting gave an update on the status of works on the article
- Discussion on whether it makes sense to publish something on Terra
GTG:
- Work has been done
- 9 jurisdictions
- Gas fee is horrendous in a bear market which holds us back from starting the mint
- It’s better to wait for a good marketing window with the publication of GTG
- GTG welcomes new jurisdictions since the GTG is an on-going project; it’s also an opportunity for contributors to build reputation and recognition in the crypto legal space
Podcast:
- Three episodes done
- Two episodes have been published (100 downloads, not that bad like for a niche podcast)
- The third podcast will be Lion’s talk with a lawyer
- The fourth will host a lawyer from a renowned Canadian law firm
DAO Entity update:
- We may get the funding in two weeks, but there’s been a heated discussion at the Grants’ Committee
Digital nomads project:
- A decision to be made whether the output will be offered through minting
Legal updates:
- Twitter account – own account for the Legal Guild:
- Hosting Twitter spaces?
- Maybe we could utilize Bankless DAO Twitter Spaces account since it has quite many followers?
- Posting geography-segmented news on different days (one day news from Africa, another day Europe etc.)
- DAO litigation case from California:
- Founders of the protocol, companies involved in the protocol and some other actors faced by the litigation
- Service of documents on the DAO – interested legal issue
- Hard to predict whether arguments made by the plaintiffs will stand in the court
- General background why we need a legal wrapper:
- Can we hold only governance people liable? Or every member?
- It seems that liability extends to anyone and the role in a DAO doesn’t really matter
- Plaintiffs may try to go after everyone who they think might have assets to satisfy their claims
- Culpability of individual members of a DAO doesn’t really matter when the DAO is found to be a general partnership
- Multi-sig wallets signatories may be more vulnerable to being targeted? That’s debatable.
- Tax liability of DAO members if it is found to be a general partnership - this kind of liability may be more relevant to bDAO due to the nature of its activities
- Discussion of whether a DAO is a general partnership is state-specific
- Future proposals:
- Two new things: Legal Wrapper, Digital Nomad
- Anyone can propose a new project since we now have more capacity (new ideas are welcome)