{"id":568996,"date":"2024-01-10T19:00:12","date_gmt":"2024-01-10T19:00:12","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=568996"},"modified":"2024-01-10T18:23:29","modified_gmt":"2024-01-10T18:23:29","slug":"1inch-dao-defi-onboard-legal-counsel","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/1inch-dao-defi-onboard-legal-counsel\/","title":{"rendered":"1inch DAO Makes DeFi History, Votes To Onboard Legal Counsel"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">In a historic move that sets a precedent for decentralized autonomous organizations (DAOs), 1inch DAO, the entity behind the 1inch Network, has voted to secure &#8220;legal advisory services&#8221; from STORM Partners. Notably, this decision comes amid growing regulatory scrutiny on the crypto and decentralized finance (DeFi) sectors.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">1inch DAO Votes To Onboard STORM Partners For Legal Advisory Services<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Following voting that\u00a0<\/span><a href=\"https:\/\/snapshot.org\/#\/1inch.eth\/proposal\/0x9853ef2799f65981935d96f3dbdb30756b0cee7c2a6b55ef781af6a450bbdda6\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">ended<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on January 9&#8211;overwhelmingly supported by the 1inch community&#8211;holders decided to onboard STORM Partners. This marks a significant step forward in the DAO&#8217;s efforts to navigate the complex legal landscape and protect its members.\u00a0<\/span><\/p>\n<figure id=\"attachment_569000\" aria-describedby=\"caption-attachment-569000\" style=\"width: 823px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-569000\" src=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/01\/Screenshot500.png?resize=823%2C472\" alt=\"1inch DAO voting results | Source: snapshot.org\" width=\"823\" height=\"472\" srcset=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/01\/Screenshot500.png?w=823 823w, https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/01\/Screenshot500.png?w=460 460w, https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/01\/Screenshot500.png?w=768 768w, https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/01\/Screenshot500.png?w=750 750w\" sizes=\"(max-width: 823px) 100vw, 823px\"><figcaption id=\"caption-attachment-569000\" class=\"wp-caption-text\">1inch DAO voting results | Source: snapshot.org<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">With STORM Partners on board, 1inch DAO becomes the first autonomous organization in the broader crypto ecosystem to access expert guidance on compliance, governance, and legal defense. Out of this landmark move, the DAO will receive expert legal advice. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As such, they will strive to operate within the confines of applicable laws and regulations in the <a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/the-united-states-is-already-mining-bitcoin-maybe-says-compass-mining-ceo\/\" target=\"_blank\" rel=\"noopener \">United States<\/a> and beyond.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoin-etf-crypto-liquidations\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Spot ETF: SEC Mishap Triggers $220 Million In Crypto Liquidations<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">This move is particularly noteworthy given the recent United States Securities and Exchange Commission (SEC) concerns over the crypto industry and the DeFi sector. From lawsuits, the agency noted that individuals who engage in illegal activities, including offering unregistered securities, via a DAO could be sued individually.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/6blv0ccY\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/6blv0ccY\/\" alt=\"1INCH price trending downward on the daily chart | Source: 1INCHUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">1INCH price trending downward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/6blv0ccY\/\" target=\"_blank\" rel=\"noopener nofollow\">1INCHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">To illustrate, following a lawsuit from the SEC, BarnBridge DAO\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-258\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">agreed<\/span><\/a><span data-preserver-spaces=\"true\"> to stop selling what the agency said were &#8220;unregistered securities.&#8221; As part of the settlement, the DAO and its two founders, Tyler Ward and Troy Murray, agreed to pay $1.7 million in damages.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Lawsuits Have Devastated DAOs In The Past<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">By onboarding legal counsel, 1inch DAO proactively addresses these concerns. It also aims to protect community members against the bruises of the law.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The DAO said the decision was a &#8220;deliberate effort to balance preserving decentralization and addressing operational challenges.&#8221; Through STORM Partners, the DAO will have a framework and receive legal support, laying a path for others to follow.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/shiba-inu\/shiba-inu-whale-accumulates-massive-holdings-amid-price-recovery\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Whale Accumulates Massive Holdings, Amid Price Recovery<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">This decision considers the adverse impact of a lawsuit from a government agency like the SEC. In June 2023, US District Judge William H. Orrick <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.cand.400807\/gov.uscourts.cand.400807.76.0.pdf\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">ruled<\/span><\/a><span data-preserver-spaces=\"true\"> in favor of the US Commodity Futures Trading Commission (CFTC), agreeing that Ooki DAO issued unregistered commodities.<br \/>\n<\/span><\/p>\n<p>In a statement, the 1inchDAO new legal partner, STORM, stated the following, hinting at the services and the way they will attempt to protect the entity:<\/p>\n<blockquote><p>Our team will cover, among others, cross-jurisdiction regulatory compliance, contractual agreements, DAO governance framework, members&#8217; liability, legal personality, asset protection, intellectual property, enforcement of rights and defence against external claims. Our legal representation, underpinned by community-guided Power of Attorney, is meant to ensure the DAO&#8217;s stability, efficiency and longevity.<\/p><\/blockquote>\n<div>Furthermore, by onboarding a legal advisor, the community aims to protect the DAO&#8217;s decentralization while maintaining &#8220;regulatory compliance.&#8221; It remains to be seen if other DAOs will follow suit and vote to elect a legal representative for their communities.<\/div>\n<div><\/div>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a historic move that sets a precedent for decentralized autonomous organizations (DAOs), 1inch DAO, the entity behind the 1inch Network, has voted to secure &#8220;legal advisory services&#8221; from STORM Partners. Notably, this decision comes amid growing regulatory scrutiny on the crypto and decentralized finance (DeFi) sectors. 1inch DAO Votes To Onboard STORM Partners For Legal Advisory Services Following voting that\u00a0ended\u00a0on January 9&#8211;overwhelmingly supported by the 1inch community&#8211;holders decided to onboard STORM Partners. This marks a significant step forward in the DAO&#8217;s efforts to navigate the complex legal landscape and protect its members.\u00a0 With STORM Partners on board, 1inch DAO becomes the first autonomous organization in the broader crypto ecosystem to access expert guidance on compliance, governance, and legal defense. Out of this landmark move, the DAO will receive expert legal advice. As such, they will strive to operate within the confines of applicable laws and regulations in the United States and beyond.\u00a0 Related Reading: Bitcoin Spot ETF: SEC Mishap Triggers $220 Million In Crypto Liquidations This move is particularly noteworthy given the recent United States Securities and Exchange Commission (SEC) concerns over the crypto industry and the DeFi sector. From lawsuits, the agency noted that individuals who engage in illegal activities, including offering unregistered securities, via a DAO could be sued individually. To illustrate, following a lawsuit from the SEC, BarnBridge DAO\u00a0agreed to stop selling what the agency said were &#8220;unregistered securities.&#8221; As part of the settlement, the DAO and its two founders, Tyler Ward and Troy Murray, agreed to pay $1.7 million in damages. Lawsuits Have Devastated DAOs In The Past By onboarding legal counsel, 1inch DAO proactively addresses these concerns. It also aims to protect community members against the bruises of the law. The DAO said the decision was a &#8220;deliberate effort to balance preserving decentralization and addressing operational challenges.&#8221; Through STORM Partners, the DAO will have a framework and receive legal support, laying a path for others to follow. Related Reading: Shiba Inu Whale Accumulates Massive Holdings, Amid Price Recovery This decision considers the adverse impact of a lawsuit from a government agency like the SEC. In June 2023, US District Judge William H. Orrick ruled in favor of the US Commodity Futures Trading Commission (CFTC), agreeing that Ooki DAO issued unregistered commodities. In a statement, the 1inchDAO new legal partner, STORM, stated the following, hinting at the services and the way they will attempt to protect the entity: Our team will cover, among others, cross-jurisdiction regulatory compliance, contractual agreements, DAO governance framework, members&#8217; liability, legal personality, asset protection, intellectual property, enforcement of rights and defence against external claims. Our legal representation, underpinned by community-guided Power of Attorney, is meant to ensure the DAO&#8217;s stability, efficiency and longevity. Furthermore, by onboarding a legal advisor, the community aims to protect the DAO&#8217;s decentralization while maintaining &#8220;regulatory compliance.&#8221; It remains to be seen if other DAOs will follow suit and vote to elect a legal representative for their communities. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":568997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86763,91146,86762,86761,1020,1265,54512,2736,3631,3799],"class_list":["post-568996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1inch","tag-1inch-dao","tag-1inch-price","tag-1inchusdt","tag-blockchain","tag-cftc","tag-defi","tag-legislation","tag-regulation","tag-sec"],"acf":[],"yoast_head":"\n<title>1inch DAO Makes DeFi History, Votes To Onboard Legal Counsel<\/title>\n<meta name=\"description\" content=\"1inch DAO, the entity behind the 1inch Network, has voted to secure &quot;legal advisory services&quot; from STORM Partners\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ktsl888.com\/news\/1inch-dao-defi-onboard-legal-counsel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"1inch DAO Makes DeFi History, Votes To Onboard Legal Counsel\" \/>\n<meta property=\"og:description\" content=\"1inch DAO, the entity behind the 1inch Network, has voted to secure &quot;legal advisory services&quot; 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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