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3 concerns the ‘fungibilization’ of treasury nouns (the swap/auction proposal is far less bad in this dimension and that had strong opposition) as a vehicle for speculation is non-accretive (solvable by allowing only dao to mint & issue as rewards) w/o governance rights or POW to own, how is this not a security?
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imo as nouners we should want a strong vote of confidence from foundation’s attorney that securities interpretation is wrong before considering as spec’ed- why wouldn’t we dress for the weather ?
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