Yearn’s Builder-First Legal Activism DAO Gets Full Support as Crypto Regulation Heats Up
While the crypto community fights against the controversial bipartisan infrastructure bill that overreaches in its definition of the term “broker” in regards to crypto tax provision, popular decentralized finance project Yearn proposed funding a builder-first legal activism decentralized autonomous organization (DAO).
“LeXpunK_DAO will mix long-term strategic advocacy campaigns with rapid-response ‘guerilla lawfare' raids,” that will respond to current events in real time, it said.
The proposal has received 100% support from its holders in the light of the ongoing regulatory scrutiny. The proposal reads,
”Growing mainstream awareness of DeFi is coinciding with institutional outrage over the “Wall St. Bets” phenomenon and political change in the United States to brew a perfect storm of aggressive legal threats against DeFi.”
The proposal further notes how mainstream media is calling DeFi a “shadow financial market, SEC Chair Gary Gensler warning about Defi platforms involving securities swaps, CFTC commissioner Dan Berkovitz finding it incompatible with the policies, and many DeFi bluechip projects receiving subpoenas.
A similar proposal has been made to Curve governance and now Yearn is taking the steps forward with both of the projects estimating to contribute $1 million each to get the ball rolling.
“The time is now. Let's do cryptolaw the crypto way,” it said.
Amidst this, Uniswap creator Hayden Adaman took to Twitter to call out the detractors of the DeFi Education Fund which was proposed by the DEX. Last month, this caused a lot of drama when the community got upset about the lack of broad involvement as a few hefty voters skewed the decision, and the funds in UNI tokens that were to be allocated over the course of 4-5 years were instantly sold by the Fund.
“Is anyone still mad $20m (out of a $10b treasury)” that was sent to the fund which has the goals to challenge misguided regulatory, legal, and political threats, achieving regulatory clarity, advancing laws that support DeFi, and spurring other DeFi protocols’ governance bodies to contribute to the effort, said Adams.