The temperature check to establish the Uniswap Treasury Working Group (UTWG) passed with over 20M YES votes. This formally demonstrates the DAO’s interest in pursuing a research initiative to begin mobilizing the Uniswap treasury.
The UTWG application forum post is now active here.
The application deadline is Sunday April 14 @ 12pm eastern time.
Quick update regarding the following:
After some discussion, we have decided to omit the need for a UTWG multisig. Managing and monitoring an excessive number of multisigs is operationally taxing for the DAO, especially when the sole purpose of the multisig is to hold funds to run payroll.
The onchain vote for this proposal will therefore request to send the mentioned UNI amount to the Accountability Committee multisig. At the end of each month, each of the 4 UTWG members will submit a receipt of worked hours, and the Committee will correspondingly pay the members’ wallets.
Hello everyone, the onchain proposal will be live in few hours https://www.tally.xyz/gov/uniswap/proposal/62
The following reflects the views of L2BEAT’s governance team, composed of @kaereste and @Sinkas, and it’s based on the combined research, fact-checking, and ideation of the two.
After supporting the proposal during the temp-check and also voting in the elections for the 2 members who would join the UTWG, we’ll also be voting in its favor during the on-chain vote.
Having said that, we want to highlight the comment we made above about the working group sharing their research alongside the delivered RFCs so both delegates as well as treasury managers can better understand how the RFCs were informed or even potentially use it to create their own RFCs.
Any timeframe for an interim report or just a timeframe for feedback? Are there any blockers on your envisaged (original) task and if so, can the community help identify experts that can be seconded?
Hey–we concluded our fist week of research last week and had our second meeting yesterday. We’ve outlined the report and are doing further research into historical examples of treasury management at the moment. A report will be posted mid-July after the 8 week period–week 2 just began today.
Our goal is to conduct interviews with a handful of protocol and folks with treasury experience around the halfway mark. Although our primary focus isn’t the legal side, we hope to provide some hypothetical org charts for the DAO to consider (as recommendations–not declarations). Would be happy to discuss this further with Lex DAO. Feel free to message my TG @ aumar7.
Excellently written in plain language. Well done! 
The UKJT came out with a review of DAO structures. Whilst a DAO has been characterised as discord + (multi-sig) bank a/c the fundamental issue when you provide layers of sophistication/specialisation is the principle-agent problem. How do you “trust” the outsourcing of financial management, and closely related is the decision between internal controls and external monitoring (efficacy) & transaction costs (efficiency).
For a dedicated treasury, the space of candidates is jurisdiction (US, EU, UK+commonwealth, IN/CN etc), and structure (fund of funds, unit(ary) trust, LLP, etc), as well as degree of recourse to existing legal systems which can be (as per paper)
It forms a spectrum (using co-op as illustrative)
Even if you use a traditional structure such as corporate FoF, it is possible to contract out liability (depending on operational agreements). Issue with full wrap is that it comes with a bundle of other legislation such as banking secrecy, corporate transparency, licensing as money transmitter, etc. The main challenge is to fix blame for economic torts (harm) whether individual, AIgorithm or entity
In England and Wales, the general rule for attributing liability to companies is the “identification principle”. This states that where a particular mental state is required, only the acts of a senior person representing the company’s “controlling mind and will” can be attributed to the company – usually a small number of directors and senior managers. However, under the Economic Crime and Corporate Transparency Act 2023, section 196, where a senior manager of a body corporate or a partnership, acting within the scope of their actual or apparent authority, commits one of a number of economic crimes (including theft, fraud, false accounting, money laundering, or bribery) the organisation is guilty of the offence
Note that deliberately not stating the duties and powers, then depending on the nexus, default rules might apply. As one US judge acerbically noted, if a DAO claims it exists everywhere (and thus nowhere specific) then his courtroom is just as good as anywhere. In belief that DAO-specific legislation is premature (t this time), UK accepts that a hybrid form (analogous to captive cell companies) of
digital legal entities: arrangements where an incorporated legal entity adopts digitalisation through the use of smart contracts or DLT in its operations or governance.
Read section 6.109 onwards for specific commentary on treasury functions. A high-level view of the spectrum
Feel free to incorporate the above into your report by reference
