Ethereum

Trying to solve more problems than I cause @a16zcrypto

https://linktr.ee/milesjennings

DUNA AMA

@cowriellc and @milesjennings are talking about Wyoming's new legal entity for DAOs!

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

What are the implications for a DUNA'd protocol that accrues more revenue (eg via protocol fee) than it can "reasonably" compensate its contributors with? Is the balance considered profit? Does that violate the DUNA regs?

building /hatsprotocol | 
proudly mid-curving it since 1995

I am not a lawyer or an accountant so this is neither financial nor legal advice

But... my understanding is that the "nonprofit" and DUNA primarily refers to shared and actual commitment to a not-for-profit purpose / public benefit. It does not require you to get a 501c classification with IRS

Tax partner & digital assets co-head @ Fried Frank. Art appreciatoor. Casts are not advice. Twit: CryptoTaxGuyETH. Deca: https://deca.art/CryptoTaxGuy

Operator of the /superrare foundation; @hatsprotocol steward
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How can wiser systems cultivate wiser people, and vice versa?

... which is where the most onerous restrictions on capital accumulation come in

However @cryptotaxguy.eth has had some great threads recently about DUNA / DAO / Borg taxes that are worth checking out and will contain info about handling surplus protocol revenue