MIDAO: Proposed Crypto Legislation
Leohenkels.eth from MIDAO, argues that the proposed Lummis-Gillibrand Bill is a net positive for the DAO community.
Recently, everyone in the crypto community felt regulatory pressure when Senators Kirsten Gillibrand and Cynthia Lummis released their proposed cryptocurrency bill. However, from a DAO perspective, this bill was actually not all bad. In fact, Leohenkels.eth from MIDAO, argues that this bill is a net positive for the DAO community. Clear incorporation guidelines and recognition of DAOs by the federal government represent a step in the right direction. Even though this bill is only proposed, MIDAO advocates for both of these principles and it's encouraging to see the government supporting them. If you or your DAO is unsure of what to make of the proposed bill and its section on DAOs, this is a good read for you.
Key takeaways
- Senators Kirsten Gillibrand and Cynthia Lummis introduced a proposed cryptocurrency bill that created regulatory uncertainty across the crypto community.
- MIDAO's Leohenkels.eth argues the proposed bill is a net positive for the DAO community despite the regulatory pressure it created.
- The bill offers clear incorporation guidelines and federal government recognition of DAOs, two principles MIDAO has advocated for.
Read How does the proposed Lummis-Gillibrand Bill affect DAOs? here.