You can find a fair amount of articles on what a DAO is from a quick google search
Decentralized Autonomous Organization (DAO) - Investopedia
So why make a post about it, well it may surprise you reading this but some have never heard of a DAO or understand its function or reason for existing.
I first heard of a DAO when looking at a crypto coin $whale coin what got me into Whale coin was the founder and that he had seen the vision of NBA topshot and for a few thousand dollars had a collection worth millions and the coin worked for a fantasy draft for NBA lineups with topshot moments.
They had advertised their coin to get a consensus of votes through the DAO and the reason for this was to give power over the coin and nft collection that backed the coin in a vault was the understanding of many members to give the power to the members and to grow out their community.
The details are normally buried in the whitepapers essentially think of it as your condo docs establishing how things will run. Some DAOS dont jump right to the power of control of the companies of the coins or nfts and development companies right out of the gate until they can establish they have revenues generated to be able to operate that seems responsible to me but some want fully decentralized and power to be handed to members right away.
I can understand both points and the purist of decentral wanting no centralized power as an attack point for hackers and so that there is a true community run project is the point with decentralized crypto, nfts, blockchain beginnings and what attract many to the technology.
It was encouraging for me to see this https://cointelegraph.com/news/wyoming-legally-recognizes-first-dao-in-the-united-states earlier this year.
You might be surprised to hear Wyoming leading with Crypto and blockchain however if you have been following the blockchain news, you may already know they issued a bank charter to Kraken which is said to be following the
Token Safe Harbor Proposal 2.0 by
You might hear news this week that the SEC is investigating Yuga Labs known for their Bored Apes Yacht Club NFTS and coin as has been reported today from Bloomberg but this news is not new it was first reported SEC was looking at NFTS for being securities at the start of the year and has yet to refer any case to the justice department.
From Investor.gov
"Mission. The U. S. Securities and Exchange Commission (SEC) has a three-part mission: Protect investors. Maintain fair, orderly, and efficient markets. Facilitate capital formation."
I think its past time to say actions take years, blockchain has been in high gear since 2018 and at this point if they know they are going to make fundamental shift in the way crypto markets and nft markets operate its not fair to leave investors exposed to a change of liquidity and reserve requirements that might be enforced at anytime. This lack of clarity does nothing to maintain fair orderly and efficient markets in my opinion.
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