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Noun 40
@noun40
discourse around DUNA seems to be focused around the downsides (added KYC requirement to grantees) imo DUNA's massive upsides are: - reducing tax risk - providing limited legal liability to members while still allowing: - members to remain anonymous (privacy) - explicit voting rights to members if there are other avenues to achieve the above without any compromises then that would be wonderful, but as far as i know at the moment DUNA is unique in offering the above properties with limited compromises (paying taxes in the US, KYC req for grantees). more thoughts continued 👇
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Noun 40
@noun40
right now our tax position is that we're based in cayman. the nft auctions are permissionless and global but we tie the tax jurisdiction to the cayman islands via the foundation through the IP that it holds and its veto rights to the treasury. it's not a bad position. it's a position we built through good tax and legal counsel. but it has become increasingly tenuous in the 3 year history of nouns as one could attempt to argue that a good portion of the economic substance of the dao occurs in the US (esports, nouns movie, nouns fest, etc; plus many nouns buyers). i would much rather have a clear jurisdiction where we pay taxes (and in a tax year where treasury spend matches or exceeds auction revenue, the tax bill would be minimal) and it would be natural for that jurisdiction to be where the most amount of economic substance (nouns buying, treasury spending) occurs.
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Sandip Chakraborty
@appuez
Awesome
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