5 hours ago
The Uniswap Foundation spearheaded a conjugation of 18 large cryptocurrency organizations successful petitioning Treasury Secretary Scott Bessent for national guidance connected decentralized autonomous enactment (DAO) compliance.
In a Sept. 2 letter, Uniswap Foundation cites persistent ineligible uncertainty that has driven innovation offshore.
The papers advocates for national designation of Wyoming’s Decentralized Unincorporated Nonprofit Association (DUNA) framework, signed into instrumentality successful 2024, arsenic a exemplary for providing DAOs with ineligible clarity portion preserving their decentralized governance structures.
The DUNA model allows DAOs to engage successful contractual relationships, negociate treasury funds, and comply with taxation obligations portion shielding token holders from idiosyncratic liability.
The missive stated:
“DAOs successful the US person historically faced persistent ineligible uncertainty. Many DAOs bash not person clarity connected whether basal undertakings, specified arsenic the quality to motion contracts, negociate assets, oregon conscionable taxation obligations, volition exposure participants to idiosyncratic liability.”
Bipartisan legislature support
The inaugural has garnered governmental backing, with Senator Cynthia Lummis endorsing the model and championing efforts to “build the ineligible instauration American innovators request to succeed.”
The missive references the President’s Working Group Report connected Digital Assets, which mandates Treasury and IRS collaboration with blockchain nonprofits to facilitate US domiciliation.
Uniswap Governance, described arsenic “one of the largest and astir progressive DAOs successful the world,” has projected adopting the DUNA operation arsenic a trial lawsuit for the broader ecosystem. The conjugation argues this represents a milestone demonstrating that compliance and decentralization tin coexist wrong US ineligible frameworks.
Eighteen organizations co-signed the letter, including established entities specified arsenic Polygon, Tally, and the Blockchain Association, alongside newer players similar ZKsync, Morpho, and the Solana Policy Institute.
The divers conjugation spans infrastructure providers, DeFi protocols, task funds, and argumentation advocacy groups.
Competitive threat
The signatories emphasized the competitory menace posed by different jurisdictions actively courting blockchain organizations.
The missive warns that continued regulatory ambiguity risks pushing innovation distant from US markets arsenic planetary competitors found clearer frameworks for decentralized entities.
The conjugation requests 3 circumstantial national actions: designation of good-faith DAO compliance efforts, engagement with communities piloting frameworks similar DUNA, and proviso of national pathways, including harmless harbors, interpretive guidance, oregon tailored rulemaking.
The missive concluded:
“With thoughtful collaboration, we tin guarantee that the U.S. remains a location for internet-native innovation rooted successful transparency, compliance, and unfastened participation.”
The station Uniswap Foundation leads conjugation urging Treasury Secretary Bessent to clarify ineligible model for DAOs appeared archetypal connected CryptoSlate.
English (US) 