Investigate PrimeDAO

[GriffGreen]

📋 Anything to add?

Ideally, all the the notes would be collected in this issue.

🎉 Subtasks

• Research their documents
• Make a list of questions
• Schedule a call with someone familiar with their legal strategy, ideally their legal lead (Griff might be able to help)
• Take notes on the call and post them in this issue
• Create lots of new issues that the legal working group need to consider that derive from this research

🤼‍♂️ Reviewer

@Santigs

🔗 Work doc - inspirational links

[Santigs]

Ruben went over their legal structure and created this document
https://docs.google.com/document/d/1aALnBYInQHzeHa9pXRbPWr6xpXqPqnt7mZfkkQRtsmU/edit#heading=h.s353judijvqh

[GriffGreen]

Using CuraDAO's legal entity... Interesting

Anja will have a call with luuk this week

[GriffGreen]

Ok Questions I have....

There is the Curacao entity... but that seems like the core team and it gets some amount of funds from the IDO.

Is there any KYC?

Does the DAO have a legal wrapper of some sort...?

Excited to see their Terms and Conditions.

[GriffGreen]

PrimeDAO's Terms: https://gateway.pinata.cloud/ipfs/QmT6HSqHrj9QApg8m13hwpsUSfdf95SDoW1wTt9vfhPGqr/

The legal and regulatory status and classification of PRIME Tokens, DAOs and blockchain technology generally is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether governments and regulatory agencies may apply existing regulations and law, or enact future regulations or legislation, with respect to such technology and its future applications, including PrimeDAO and the PRIME Tokens. Enforcement actions could negatively impact PrimeDAO and the PRIME Tokens in various ways, including but not limited to (solely for purposes of illustration) through a determination that the offering and distribution/purchase of the PRIME Tokens constitutes unlawful activity or that the PRIME Tokens represent regulated instruments requiring registration or licensing of those instruments or some or all of the parties involved in the offering and distribution/purchase thereof. PrimeDAO may cease to offer its services to people in specific jurisdictions in the event that regulatory actions, or changes to law or regulation make it illegal to operate in such jurisdiction, or commercially undesirable for PRIME to obtain the necessary regulatory approval(s) to operate in such jurisdiction.

PrimeDAO has no formal legal structure itself, but has a foundation that is very intimately involved, similar to the structure we seem to be going towards.

That said they had special geographic restrictions in place, and users with IP addresses from Cuba, Iran, Syria, North Korea, the Crimea region of Ukraine, the United States, Afghanistan, Ethiopia, Guyana, Iraq, Sudan, Venezuela, or Yemen were not blocked from participate in it's Hatch (They called it an IDO).

https://medium.com/primedao/the-prime-initial-decentralized-offering-78a8787b9cff