Creating open source legal frameworks for crafting various decentralized cryptocurrency organizations.
DAOs formed as the first application of the Ethereum network that gathered a widespread and passionate mindshare across the ecosystem. When the original DAO rose in 2016, it was the largest ICO in the ecosystem. That senitment has not died, token projects like DAOStack and Aragon raised ~30 million in their ICOs, Colony has self funded development for years to create effective resource management within teams, and recently MolochDAO memed itself into existence (off the broken codebase of the original DAO)... in conlusion, DAOs are back.
That said, there are no DAOs today making revenue. The original DAO aimed to be a decentralized VC and after it fell, the SEC declared the token to have broken securities law where owners would have been suject to legal consequence had the organization survived. For this reason, investors, and retail participants alike, feel uncertain about the path forward. Until guidelines exist to unveil potential pitfalls with the legal system and provide for certain guardrails providing security, the vision of a self sustaining ecosystem building and distributing programatic revenue will stay on ice.
The LegalDAO concept formed as a way to support this initiative. Over the past 6 months many conversations with top lawyers in the space have culminated into a critical mass of knowledge share and interest in broadly mapping the next steps and possibilities for DAO entities to form. While there are a variety of jurisdictions and consequences in each, the US remains the sector of highest consequence due to the longarm legal approach of the SEC.
Members of this DAO will contribute and allocate tribute in support of projects defining a variety of paths merging onchain governance and revenue generation with the existing legal system.