Hello 1inch community!
As we continue to grow and face various regulatory uncertainties in the DeFi landscape, the question of legal representation for our DAO has become increasingly important. We find ourselves at a critical decision point, with two proposals presented for engaging legal counsel.
Only one proposal can move forward to the final Snapshot vote, due to their inherent mutual exclusivity. While both proposals are crafted with the intent to protect and advance the legal position of 1inch DAO, they provide different approaches and specifications for legal support.
This thread will be used to conduct a temp-check poll on the 1inch DAO governance forum where each firm, MME and Storm Partners, will be listed as an option. The outcome of this poll will determine which proposal will proceed to the Snapshot phase.
Here’s a brief TL;DR of each proposal (I used GPT-4 to generate these summaries, it is important to read the actual proposals for a full understanding):
MME: Engagement of Legal Counsel for 1inch DAO
Proposal Summary:
- Expertise: Swiss law firm MME Legal AG with a track record in blockchain, L1 & DeFi protocols, and DAOs.
- Legal Compliance: Assurance of operations within the bounds of national and international laws.
- Drafting Expertise: Guidance in drafting and reviewing contracts and governance proposals.
- Regulatory Navigation: Proactive advice on evolving legal landscapes for compliance.
- Risk Mitigation: Strategies identifying risks to mitigate legal liabilities.
- Dispute Resolution: Representation in legal disputes to protect stakeholders’ interests.
- Communication: Structured process with a legal committee, committee liaison, and regular updates to the DAO community.
- Engagement Limitations: Represents DAO only, not individual members or internal disputes.
- Payment: Advance payments system utilizing USDC or ETH, with detailed itemized invoices.
- Approval of First Advance Payment: Initial advance payment of 50’000 USDC required to start the engagement.
Storm Partners: [1RC] Legal & Regulatory Compliance Services
Proposal Summary:
- Expertise: Customized legal support covering a wide range of challenges specific to DAO structures and operations.
- Legal Structure: Support in establishing a strong legal framework to fortify the DAO’s foundations.
- Legal and Regulatory Compliance: In-depth advisory on avoiding regulatory risks across multiple jurisdictions.
- Contractual and IP Protection: Robust support in drafting enforceable contracts and protecting intellectual properties.
- Legal Representation: A Power of Attorney provided to Storm Partners to give effect to resolutions passed by the community on https://snapshot.org/#/1inch.eth
- Defence and Dispute Resolution: Defence against external claims and assistance in upholding community decisions.
- Governance Framework: Creation of transparent and fair internal governance policies.
- AML/CFT Compliance: Compliance checks and monitoring to adhere to international standards.
- Preservation of Decentralization: Actions taken with guidance from community resolutions on 1inch DAO’s platform https://snapshot.org/#/1inch.eth
- Payment: Retainer fee model with transparent quarterly reports and the return of any unused balance upon engagement termination.
- Approval of Retainer Fee: Initial retainer fee of 50’000 USDC required to commence services.
Both proposals require an upfront financial commitment but employ different frameworks for legal representation, communication, and governance interaction. Which firm to engage is a significant decision, and we invite all community members to weigh in on this decision by participating in the poll.
Please cast your vote on this temp-check poll to help select a 1inch DAO Legal Counsel.
Thank you! Your engagement in this process is invaluable, and together, we will continue to build a robust, compliant, and community-driven ecosystem.