The Sushi DAO, the decentralized autonomous body of the crypto exchange SushiSwap, approved on October 26 a legal restructuring that creates 3 new decentralized entities, with the aim of offering greater flexibility to their operations.
The proposal, which obtained one hundred percent of the votes in favor, will create the DAO Foundation, the Panamanian Foundation and the Panamanian Society, each with other purposes.
Among other things, the DAO Foundation will manage treasury, grants and chain governance processes, and facilitate proposals and voting. The Panamanian Foundation will manage the existing Sushi protocol (including wise contracts similar to automated market maker/order book, Kashi and participation). ). Finally, the Panamanian company will exploit the graphical user interface layer (or front-end) of the protocol.
According to the discussion of the proposal, the procedure of creating the design of the entity is expected to take 4 weeks. According to Sushi, “the goal of the entity’s design and framework is to provide maximum flexibility for Sushi to act in the direction of the DAO or governance is taking, while mitigating risk. “
The move comes as U. S. governmentsand the European Union continue to work on regulatory frameworks for virtual assets. Participants in the discussion forum agreed on the need for a legal structure, but the countries and style chosen. As stated in a long series of comments from a user named Daimon:
On October 13, John Hickenlooper, a U. S. Senatorwho represents Colorado, wrote a letter to Gary Gensler urging the chairman of the Securities and Exchange Commission (SEC) to identify “clear rules” for the crypto market, adding to identify the cryptocurrencies that will be considered. . securities, identifying registration rules for trading venues and “determining what data they are so that investors are well informed. “
The SEC bolstered its ability to manage issuers’ deposits by adding a Crypto Assets Office in September committed only to cryptocurrency asset programs and services.