Liquid democracy is a few seasons from the main stage, and even with the incumbent new houses violently waking up to the smelling salts this week, crypto twitter is still reporting out in front of the rulemakers.  Godspeed, stay the course and innovate.  It’s still early.  A few comments regarding the policy landscape from the last few days.

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1. The GOOD, - Yesterday, Rep. Beyer introduced what is perhaps the most expansive and coordinated crypto framework yet in his Digital Asset Market Structure and Investor Protection Act.  This would mandate agency coordination on deliberate timelines with approval of the Treasury for stablecoins going to market.  Long term effect would be great for dollarization, power play in terms of keeping the petrodollar peg.  Regulatory clarity and lane ownership is the gold medal winner here.  Across the pond, institutional signaling weighs well in forcing cross border regulatory coordination with a quiet but big announcement today from Standard Chartered, receiving FCA approval to custody for institutional clients.  This will accelerate adoption of payment infrastructure and drive uniform policy making across Europe and the US, given the policy risk and balance sheet exposure to Northern Trust.
2. the BAD, - Still eyes wide open from Tuesday's Senate banking committee meeting.  Deeper dive below.  As uneducated as the masses are, I'd expect a little more depth and breadth from our chambers.  Important to compare to China's regulatory narrative of the last few months, some parallels and lessons in there somewhere.
3. and the UGLY - Jake is sounding the alarm tonight on a potential midnight snack of pork that would elevate reporting and transparency of domestic crypto assets fairly quickly here.  Will likely rattle the cryptoverse near term, but could very likely accelerate legitimacy by setting a floor and bringing parity with other asset reporting after everyone catches their breath.  But who knows, maybe there never really was such a thing as a decentralized exchange (doubt it though as Paradigm is deep this week announcing the TWAAM dynamic structure that helps spread large blocks a la a broker dealer desk)?
4. NFTs - If the team missed it this week, The Global NFT Summit was yesterday and the NY Times continues towards epic fandom, with very good customer segmentation analysis here this week.
5. SEC seems to continue to bang the drum in corralling projects to go to the FinHUB first for open and transparent support and guidance.  Rhetoric, or at least mentions, are up in the press and only time will tell whether this is a backhanded self reporting funnel or getting legs as the minority of our 5 commissioners are gaining clout.

In other recent news that stuck recently, Tether's founding team seems to be less than pedigreed possibly permanently tipping the hat to USDC/DAI and accelerating attention on the Olympus DAOs of the world. Europe latching onto FATF's recommendations, which normally wouldn't be news given the US's reticence to do so in recent years, but the level of reporting would force some sort of overlap with the US.

Senate Banking Committee on Crypto from Tuesday - Quick color and comments, so please excuse typos, quick hand, and format:

1. This notion of crypto at large migrating into the traditional financial systems does have some credence, and is clearly the fog in the cigar room at the end of PA Ave.  This idea that there is crypto integration that inherently places drag on the traditional financial system is thick in the air.
2. Clear lack of scope, before even getting to an understanding is the narrative...the pre-retail learning curve stops at the headlines.  To most on the Hill or are not polar for or against, this is early internet, asset backed markets, fintech 1.0, which speaks to the abject need for education and gamification.
3. Good signal that Sen. Sherrod had to shop all the way down to an unknown law school's professor to promote his agenda is a strong signal here that legitimate thought circles support the irrefutable structural shift.  Remember those that testify are seated by senators pushing their own agendas.  
4. Alarming to be reminded that financial system transaction costs account for 8% of GDP with payments making up 1% of GDP.  Disappointing that the pro-crypto testimony is not armed with these facts top of mind.  We need to be all over that.  These are softballs.
5. Remember very simply that public ledgers ARE NOT anonymous.  This is the primary attack vector of the AML and anti-terrorism camp.  The real issue being that these allow for censorship resistant and immediate payment, which is ironically a testament to the value prop of cryptocurrencies at large.  How can this narrative be flipped?
6. CBDC race is on.  Paulson thinks its a potential red herring and the Senators seemed to defer unequivocally.  BUT he does nod to the need for innovation and inclusion to get to ubiquity or at least parity here.  Still can't discount China's long game towards the dollar and the tool of destabilization crypto provides, regardless of which direction volatility is the end game (not article at top).
7. This focus of the ever powerful Sen. Mendendez (reference these names to get familiar with) on shopkeepers to prefer their own medium of exchange but to preserve the right of all citizens to transact in cash seems noble, but feels more like a voter's olive branch, which it very much seemed to be when he plugged his Payment Choice Act proposal's Act.  This will require some untangling with financial innovation or risk missing the point, which is relevant given his stature in the Senate. 
8. And Warren, well, don't know what to address here.
9. Onramps and offramps are compliant and can remain the shiny objects - Regulators seem to understand these, and these fit most cleanly into existing regs.  Regardless of the chaos thereafter, tightening the point of entry and exits is the lowest hanging fruit.
10. On this topic, we absolutely need more senators that share the views of Mr. Daines from Montana, if folks can get past his policy approach at large.  Cloud startup experience, he gets the pace of innovation.  

*Note, this does not constitute legal, accounting, or tax advice of any kind and should not be relied upon as such.  Opinions are my own and are for discussion purposes only.  This does not represent the views of Decentral Park Capital or its affiliates.

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DISCLAIMER: This does not constitute legal, tax, or accounting advice of any kind and should not be relied upon as such. All links are open source and property of the respective creator, not the author of this material. This is for discussion purposes only. You should consult your own legal counsel and independent advisors with respect to any and all matters. The ideas and concepts are presented here by the author and are views of his own and not that of any other person or entity.

Although the material contained in this material was prepared based on information from public and private sources that the author believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and the author who prepared this material and the information herein expressly disclaim any liability for the accuracy and completeness of information contained in this material.

This material is distributed for general informational and educational purposes only and is not intended to constitute investment advice. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. Nothing contained in this material should be construed as investment advice. Any reference to an asset’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal objectives, needs and risk tolerance. The author who prepared this material and the information herein expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.

The information contained herein is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any assets or securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service.

[AUTHOR’S NOTE - Decentralization is a good thing.  The evolution of DAOs is a good thing.  Collective human behavior and decision making is evolving at a rapid pace and is positively correlated to the rate of Web 3.0 innovations.]

DAOs are exiting the aircraft, and prices may follow - Refusing seatbelts and their traditional wrapped-DAO structures, brand name DAOs are transitioning to statelessness at a rapid pace.  This is extremely relevant to founders in the race to decentralization.  As DAOs and member bases expand and decentralize, moving to Web 3.0 statelessness becomes inevitable.  However, there are inherent drawbacks including founder / team liability protection issues, access to service providers and lack of ability to pass KYC in statelessness, general partnership treatment and liability to the team and founders, treasury management approaches etc.  Data shows that actual DAO governance participation is in the low single digits, where VCs and whales sway the vote.  MakerDAO (DAI) did so over the last few months, and this structure is becoming more commonly discussed across CT, so anticipating this and relative price impact on governance tokens through the process should be top of mind.

Privacy toolbox for founders - With regulation inbound, tipping the hat towards the burning regulatory sun, and meeting compliance somewhere in the middle, will become an increasingly important topic for founders.  Permissionless and now permissioned solutions are coming to market quickly (think Plaid for DeFi KYC) and user profile reputation protocols are a novel approach. 

M&A, means, well, scrutiny - First fully coin-to-coin merger complete!  Excited to see where this goes from a scrutiny standpoint, but expect this to be precedential in both structure and fallout (good and bad).  Pay less attention to the fact that these layer 2s are landing softer than anticipated, and more so to this kicking off a flurry of coin-to-coin mergers (or C2C M&A - proprietary terminology, you are hearing it here first) and the tax and regulatory journey that follows.

Overall - Regulation is good and guard rails are necessary and will move to the center over time.  Market sentiment will be polar in the near and medium term (through 2024+) and necessarily unpleasant during that time for most.  This is where dedication to the long view and core focus captures value as the regulatory process unfolds.  Garlinghouse is pumped, and Wells Fargo is committed, finally (important given market best AUM).

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*Note, this does not constitute legal, accounting, or tax advice of any kind and should not be relied upon as such.  Opinions are my own and are for discussion purposes only.  This does not represent the views of Decentral Park Capital or its affiliates.

DISCLAIMER: This does not constitute legal, tax, or accounting advice of any kind and should not be relied upon as such. All links are open source and property of the respective creator, not the author of this material. This is for discussion purposes only. You should consult your own legal counsel and independent advisors with respect to any and all matters. The ideas and concepts are presented here by the author and are views of his own and not that of any other person or entity.

Although the material contained in this material was prepared based on information from public and private sources that the author believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and the author who prepared this material and the information herein expressly disclaim any liability for the accuracy and completeness of information contained in this material.

This material is distributed for general informational and educational purposes only and is not intended to constitute investment advice. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. Nothing contained in this material should be construed as investment advice. Any reference to an asset’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal objectives, needs and risk tolerance. The author who prepared this material and the information herein expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.

The information contained herein is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any assets or securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service.

[AUTHOR’S NOTE - Decentralization is a good thing.  The evolution of DAOs is a good thing.  Collective human behavior and decision making is evolving at a rapid pace and is positively correlated to the rate of Web 3.0 innovations.]

Decentralization and statelessness are increasingly becoming priorities for founders and communities across the ecosystem as an approach to hedge away from the reach of the Howey Test.  There is a lot of focus on the four prongs of Howey and implications with respect to tokens, and rightfully so.  The test's prongs embody an expansive web of concepts that regulators can use and employ in scrutinizing protocols.  However, focusing on Howey limits founding teams from seeing the field, so to speak.  These conversations are accelerating across the legal community and with founding teams, so it is appropriate to explore a hasty framework and approach below to address decentralization and identify a few regulatory concerns for founding teams:

1. Structure > Jurisdiction [LEGAL] - What is the corporate structure of your operation?  THIS MATTERS from day 0!  Is there a development or operating company that employs or pays the founding team and others?  Is the protocol spun up outside of this entity and seeded by technology from, and controlled by, the operating company?  If there are tokens, what is their purpose (governance vs. utility), where are they issued from and what are they claims of?  Is this in or through a separate entity?  In any structure, what is the jurisdictional nexus (i.e. ‘location’) of your filed entity, and what other jurisdictions can claim nexus due to users, activity, or access to product?
2. Token Issuance / Unregistered Securities Offering [FUNDRAISING] - Were tokens issued or minted and do they qualify as securities AND/OR an unregistered securities offering.  Does an exemption apply (i.e. sale to accredited investors, or international investors exclusively)?
3. Exchange Registration (DEXs, Deposits, Lending, Derivatives) [PRODUCT] - Is value in the form of assets, tokens, streams, etc. circulated on your protocol?  Is their a lending, derivative, or securitization aspect or feature?  Is there an opportunity to register your exchange or leverage an ATS exemption?  What makes sense from a product point of view, COB vs. AMM?  This matters.
4. Decentralization / Statelessness [PRODUCT, DESIGN, GOVERNANCE] - What does the cap table look like and what will it look like at the point of open source automation?  How decentralized is governance, code commits (on chain, and UX), value circulation, etc.?  How large is the user base and what does concentration look like?

A Layer Deeper - Legal Theories and Prophylactic (preventative) Devices

1. Agency Liability - Regulators are trained to hone in on a root cause, and in this case, a core person.  Regardless of stage, legal structure, and level of decentralization in the life of the protocol or token, regulators of all kinds need a lightning rod.  There is NO UNIFORM precedence or safe harbors (YET) and agencies are coming online, so leaving in play liability blockers around teams and communities is key during the life cycle.
2. General Partnership Issues - In a world of statelessness, default legal and tax classification of an association of members and users is a General Partnership.  This implies unlimited and several liability to ALL members.  DAO communities are not considering this risk generally, where community transparency and narrative will be key in educating your user base. 
3. Lack of KYC - Can be a risk for both core teams and on the product front.  If it exists, there is a strong case to leave it.  If it does not, it should be considered for the product roadmap.  This is a check the box in terms of meeting regulators where they are.  The window is closing to get ahead of regulatory guardrails, so set this in place or not, but be deliberate about why and what it means in a world of consumer protections and future ubiquitous regulation.
4. Untenable Decentralization - Decentralization is a noble reaction to shifting human behavior, technological innovation, and Web 3.0.  BUT, it may not always be tenable.  There is a reason traditional models and governments are centralized (dare I say!), you can move quickly and efficiently in the chosen direction.  Lets see where this narrative goes, but know that pure decentralization rarely exists at scale in nature and in business, and there are likely reasons for that.
5. Decentralized UX - Open source code commits.  Get there!  It's a hot topic across the board but it is the end game for decentralization.  To the extent core teams still have to intervene on product or protocol and are pressing the button, agency attaches (back up to #1).

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*Note, this does not constitute legal, accounting, or tax advice of any kind and should not be relied upon as such.  Opinions are my own and are for discussion purposes only.  This does not represent the views of Decentral Park Capital or its affiliates.

DISCLAIMER: This does not constitute legal, tax, or accounting advice of any kind and should not be relied upon as such. All links are open source and property of the respective creator, not the author of this material. This is for discussion purposes only. You should consult your own legal counsel and independent advisors with respect to any and all matters. The ideas and concepts are presented here by the author and are views of his own and not that of any other person or entity.

Although the material contained in this material was prepared based on information from public and private sources that the author believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and the author who prepared this material and the information herein expressly disclaim any liability for the accuracy and completeness of information contained in this material.

This material is distributed for general informational and educational purposes only and is not intended to constitute investment advice. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. Nothing contained in this material should be construed as investment advice. Any reference to an asset’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal objectives, needs and risk tolerance. The author who prepared this material and the information herein expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.

The information contained herein is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any assets or securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service.

Top US Trends - Expect some regulatory pull back along the way as ETH climbs to ATH in Q4, even if it pulls DeFi with it; with derivatives, lending, and decentralized exchanges specifically experiencing possible asymmetric regulatory headwinds (signaled by SEC rhetoric, Infra Bill and Budget Amendment tax reporting expansion).  As SEC and CFTC continue to ramp up rhetoric and vie for regulatory scope and influence, expect an acceleration of legislating-by-enforcement action in the next 90-120 days, coupled with the Treasury Department aggressively touting a tax reporting/revenue capture agenda which could affect exchange flows.  Dialogue will ensue around proposed legislation after the passing of the Infra Bill in early October, and will take shape towards the end of the year and early 2022 as legislators return to engage in public discourse.  Good outcome here will be when the narrative starts to bring agency regulation by enforcement (SEC/CFTC) back to the center over the long term.

1. Gensler / SEC power narrative accelerating with comments this week to EU / Regulators [NEGATIVE] - Demands global public policy framework as necessary for long term safe adoption and use of crypto, referencing proliferation of stablecoins (75% of all pairs) across the crypto $2.1T market
2. SEC & CFTC vying for regulatory/oversight scope [POSITIVE] - Enforcement landgrab will accelerate enforcement actions, drive price volatility with flight to "safer" assets, while the House explores newly tabled broad based legislation.
3. Treasury continues Infra Bill pressure on increased tax reporting via Budget Bill ad on [NEGATIVE] - This uncontestable provision exhibits Biden administration's continued focus on revenue capture at the expense of extending reporting requirements across cryptoverse.
4. AML/Anti-Terror Financing continue to be FinCEN's broad attack vector, this time via USPS Inspection training and enforcement standardization [NEUTRAL]
5. SEC sues lending platform BitConnect for $2B fraud in ponzi/asset siphoning scheme [NEUTRAL/NEGATIVE] - Regulatory enforcement actions against frauds/scams are low hanging fruit in building agency regulatory foundation in preparation for narrow pre-judication enforcement targeting all facets of DeFi.

Global Regulatory - Primary non-Western economies are accelerating CBDC clearing and settlement trials in a show of support and adoption for global CBDC and stablecoin adoption.  Look to see how, and on which side, these countries incorporate private stablecoins into the feedback loop.  If positive, this will put increasing pressure on US / Europe to normalize negative stablecoin rhetoric and work on a global regulatory framework.  Global economies are waking up in real time to the tax and revenue generation promised by pro-crypto regulation and national PoW mining mandates, indicating a rising toehold of crypto assets on certain sovereign balance sheets in Q1 2022.  In a negative signal, traditional crypto tax havens are seeing small but increasing calls to action (via FATF) to participate in anti-fraud and money laundering investigations which could force increased KYC/AML regimes in traditionally low regulation jurisdictions.

1. Mature and emerging economies are warming up to taxation and friendly regulation [POSITIVE] = Slovenia proposes 10% crypto tax, South Korea setting up bureau to focus on crypto regulation, India changing course.
2. Primary non-western economies and countries (Australia, Mayalysia, Singapore, S.A. and Nigeria) are rallying around CBDC trials [POSITIVE] - Will put increased pressure on global coordination, pulling US and EU to the center.
3. Micro-economies are rallying around BTC mining for revenue generation [POSITIVE] - Belarus / El Salvador / Iran coming around and even leaning on BTC mining.
4. Binance likely shopping for a sovereign balance sheet partner - [NEGATIVE] Indicating continued global regulatory dialogue with mega CeFis to regulate retail and institutional on/off ramps. 
5. Seychelles receive request to probe BTC transfers in OneCoin Scam [NEGATIVE] - Starting to see traditional crypto tax havens being held to task over AML/CTF initiatives via fraud investigations.

Key

• [POSITIVE] - Supports global crypto adoption.
• [NEGATIVE] - Lack of clarity creates further confusion for innovators in the space.

*Note, this does not constitute legal, accounting, or tax advice of any kind and should not be relied upon as such.  Opinions are my own and are for discussion purposes only.  This does not represent the views of Decentral Park Capital or its affiliates.

DISCLAIMER: This does not constitute legal, tax, or accounting advice of any kind and should not be relied upon as such. All links are open source and property of the respective creator, not the author of this material. This is for discussion purposes only. You should consult your own legal counsel and independent advisors with respect to any and all matters. The ideas and concepts are presented here by the author and are views of his own and not that of any other person or entity.

Although the material contained in this material was prepared based on information from public and private sources that the author believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and the author who prepared this material and the information herein expressly disclaim any liability for the accuracy and completeness of information contained in this material.

This material is distributed for general informational and educational purposes only and is not intended to constitute investment advice. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. Nothing contained in this material should be construed as investment advice. Any reference to an asset’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal objectives, needs and risk tolerance. The author who prepared this material and the information herein expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.

The information contained herein is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any assets or securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service.

[AUTHOR’S NOTE - Decentralization is a good thing.  The evolution of DAOs is a good thing.  Collective human behavior and decision making is evolving at a rapid pace and is positively correlated to the rate of Web 3.0 innovations.]

Macro Themes 

1. 2022 is the year of the DAO and will see an explosion of “communities with bank accounts.”
2. Most protocols will transition to a DAO structure in order to decentralize against legal and regulatory risk
3. DAOs are at a very early stage, with near term investable opportunities through fund of funds approach, treasury management-focused protocols with active strategies, collector communities, and infrastructure feature and work coordination protocols.
4. Infrastructure DAOs do not present attractive investment opportunities, but feature focused DAOs may (KYC, etc.).
5. Tokenized DAO infrastructure (ANT, DAOStack) have lagged behind but that may be changing as bounty coordination (Gitcoin, Layer3) and work contribution support accelerate, and new tooling features take hold (Gnosis).
6. DAO treasuries are accumulating and are ineffectively deployed, providing a cash flow and yield opportunity for well managed treasury token holders (Llama).
7. Co-opting culture makers early in the process in order to have ground floor seats as communities grow.
8. Social communities are building a digital layer around real world protocols and bridging into traditional fintech and banking services, and the legal system is far from keeping up.  However, there is inherently decentralized protection.

Types & Considerations

1. Decentralized DeFi Tokens - There is a premium associated with decentralized (DAO) tokens evidenced by the active rotation of capital and tokens away from China, to the US, then to non US/EU based tokens and trading.  Investing in blue chip tokens on 30-90 day time horizons that will receive capital flight?  Invest in blue chip governance/decentralized tokens outside of US/EU?  Most, if not all, DeFi protocols will convert to DAO tokens and where will this concentration and premium congregate?

2. Social Clubs and Communities - The DAO evolution started in DeFi and is evolving through NFTs and now social clubs.  Supporting communities early from the ground floor will be key as DAO proliferation accelerates and draws revenue participation through coordination of work.

Social clubs and networks will drive network on network effects by driving participant reputation, DAO coordination, and serve as onramps into crypto.- Friends with Benefits raised $10M under a Treasury Diversification Proposal (similar to Sushi, Badger DAO, Lido, Seed Club).

3. Bounty and Guild Platforms - Coordination of work will be the value driver heading into 2022.  DAOs that draw revenue from coordination of work through bounty programs and shape the work environment through benefits offerings will remove friction to the DAO employment model will create significant cash flow opportunities. 

4. OrgTech = Composability + Interoperability – DAOs will continue to proliferate and create significant noise across ecosystems, creating a friendsy of coordination and confusion.  This will force adoption and drive governance and utility token volatility, as well as treasury volumes.

Fantastic12 / itsOrg (see DAOBase) - Released a simplified DAO Launcher that lets anyone launch a DAOstack DAO in under 1 minute.

5. Treasury Management – Outsized and latent DAO treasuries will begin to allocate and perform as communities and protocols put them to work.  This will provide an opportunity to take DAO positions and lever cash flow returns through participating in a DAO’s treasury allocation voting.  The lack of treasury management protocols provide an opportunity for new entrants for incumbents to grab land (Gnosis, Llama).

6. Infrastructure DAOs (operating systems) – Infrastructure DAO tokens underperform (Aragon), but if/when they have a voice or governance access to the DAOs they support, there will be exponential network value.  For example, Aragon on L1 does not control underlying DAOs, so if UNI uses Aragon, ANT would not trade there.  The Relationship between AUM of Aragon is not correlated to the price of ANT.  As protocols come to the center with respect to compliance, DAOs that boast compliance features (KYC/AML/reputation) will become exponentially valuable to the extent these cross communities and chains.  Compare this to governance as capital - as a network becomes more valuable, the governance becomes more valuable - Fees/protocol revenues (does not get distributed to fee holders, can quite clearly see).

7. Integrating to the real world – Forward thinking jurisdictions are developing DAO-specific legal regimes, which are a step in the right direction albeit ineffective in the early stages.  As DAOs continue to integrate into real world use cases, step up adoption will rapidly accelerate the use case as a challenger to the corporate form in the next 5 years.

Select References 

• A Beginner’s Guide to DAOs
• Why DAOs are Essential to DeFI
• Set up a DAO in 3 Days
• State of DAO Tooling
• Awesome DAOs list
• DAO Landscape
• How to DAO
• DAO Ecosystem Overview - Dashboard
• Expansion Pack for DAOs
• Legal Structures for DAOs
• The ENS Foundation
• Investors Guide to DAOs
• DAO Masters 
• DAO Constitution; Cayman Foundation Articles of Association
• How to Structure a Protocol’s Treasury
• Forefront Dashboard
• The DAO Skyscraper
• Evolution of the FWB DAO
• Using DACI framework for group decisions
• Blitzscaling DAOs: Rethinking spending for decentralized organizations
• PoolTogether Research Report: Vibes, Labor, Constituencies (Pool Together)
• Making the jump to working for a DAO
• SushiSwap Restructuring & Governance 
• Beanstalk Budget

*Note, this does not constitute legal, accounting, or tax advice of any kind and should not be relied upon as such.  Opinions are my own and are for discussion purposes only.  This does not represent the views of Decentral Park Capital or its affiliates. 

DISCLAIMER: This does not constitute legal, tax, or accounting advice of any kind and should not be relied upon as such. All links are open source and property of the respective creator, not the author of this material. This is for discussion purposes only. You should consult your own legal counsel and independent advisors with respect to any and all matters. The ideas and concepts are presented here by the author and are views of his own and not that of any other person or entity.

Although the material contained in this material was prepared based on information from public and private sources that the author believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and the author who prepared this material and the information herein expressly disclaim any liability for the accuracy and completeness of information contained in this material.

This material is distributed for general informational and educational purposes only and is not intended to constitute investment advice. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. Nothing contained in this material should be construed as investment advice. Any reference to an asset’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal objectives, needs and risk tolerance. The author who prepared this material and the information herein expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.

The information contained herein is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any assets or securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service.