The 1inch DAO community voted to cooperate with the legal team from Strom Partners. The proposal to hire a permanent consultant for the company was approved by an absolute majority - 96.45% of participants.
Representatives of the organization noted that the legal team will allow 1inch DAO to cope with the possible difficulties that its “decentralized nature” creates. In particular, they pointed to the growing trend of applying traditional legal principles to the Web3 segment.
The law firm will provide 1inch DAO with the following services:
- checking compliance with regulatory requirements;
- company structuring;
- management policy development;
- contract support;
- protection of intellectual property;
- legal protection from external claims.
Once the proposal is approved, 1inch DAO will transfer 50,000 USDC to Strom Partners as an initial payment for services.
“By preempting legal issues, we strive to protect 1inch DAO and its members from unexpected legal issues. Our first priority is to address potential personal liability risks for DAO participants,” said Storm Partners Director of Legal and Compliance Nicola Massella.
According to the released statement, the partnership with the Swiss firm sets a “historic precedent” for decentralized organizations. This is the first time that the DAO has directly hired a legal team, 1inch representatives say.
Let us remind you that we wrote that investor Andrew Samuels filed a class action lawsuit against the Lido DAO organization.
