Dozens of crypto lawyers proposed a new “builder-first” Defi DAO with a goal to form a legal defense for DeFi away from the influence of Silicon Valley venture capital funds so let’s read more in our latest crypto news.
Authored by dozens of crypto lawyers, and members of the Yearn Finance community along, the Builder-first legal activism DAO seeks to create an advocacy group that is built in the crypto spirit. As the name suggested, the decentralized autonomous organization is a business structure where the control is spread among its members unlike in the traditional hierarchical organizations. DAOs are usually operated by a system of smart contracts and governance tokens that the holders can use to vote on proposals. DAOs are often funded by treasuries of the projects they are contributing to and their members. In this case, the builder-first DAO is looking to raise at least $2 million from the projects.
After watching Gensler, we are underfunding this by 1000x, can’t stress how important this is, please support! https://t.co/XQMhriUDDI
— Andre Cronje (@AndreCronjeTech) August 3, 2021
The funds $1 million from yearn and $1 million from Curve Finance, another prominent Defi exchange, will need help in bootstrapping a new community of lawyers and builders working side by side to legitimize the creative values of the Defi space. Lido as a staking protocol was also included accoridng to the sources. As for why these communities are leading the charge, a member of the LeXpunk Army said that they have “natural synergies” and that “DAOs are best kept among a small group of aligned contributors as to ensure the organization can get started fast.
The proposal is led by LexPunk Army which is a group of crypto lawyers that announced the arrival in late June and proclaimed that they are working on the true calling of the lawyers to join with HODlers, builders, and DEgens in the industry. As part of the Modus Operandi, LexPunkArmy plans to spawn various DAOs each created for specific projects which will involve a legal defense of the Defi’s best interest. As such, the latest DAO proposal aims to focus on the long-term strategic advocacy campaigns and a rapid response guerilla lawfare raid.
important cause; please consider supporting, participating, offering ideas of best ways to do this, etc. https://t.co/0Em2mrEcQC
— _gabrielShapir0 (@lex_node) August 3, 2021
This could include a new position paper advocating for positive analysis under securities law, legal defense of Defi developers against regulatory litigation, and a framework for “safe harbor” legislation to legalize the main aspects of Defi. Andre Cronje, the founder of Yearn Finance even advocated for positive analysis under the securities law and a new framework for safe harbor legislation to legalize the key aspects of DeFi.