A Decentralized Autonomous Organization (DAO) was created to serve as an ally to all projects and businesses embracing Web3.
ThreeOh DAO says the next generation of the Internet can bring entrepreneurship, wealth and opportunity to communities around the world – and wants to represent the interests of Web3 and DeFi users when regulations and guidelines are set.
Those behind The DAO say they have the infrastructure to engage with decision makers and make an impact – amplifying the voices of everyone in this emerging industry both nationally and internationally. Crucially, this organization says that it is never motivated by large financial interests.
Dr. Randy Romisch, one of the founders of ThreeOh DAO, told Cointelegraph: “We are at a crossroads. For the first time in the history of the financial system, we, the average investor, have the opportunity to influence regulation and policy around an emerging financial market. We have the ability to set standards for markets for the benefit of users. And not just big financial interests.”
While lobbying was previously limited to those with deep pockets, Dr Romisch says things have changed – adding: “Web3 has given us grassroots support, knowledge of the press infrastructure and funding mechanism to support ThreeOh DAO’s mission to bridge Web3 users and decision makers across the United States”
Work has also begun to create an international coalition of DAOs that will advocate for universal adoption worldwide, along with user- and business-friendly regulations.
ThreeOh DAO has laid out important policy principles on its website – saying innovators “need clear guidelines, space and resources to build.” The organization is asking US regulators to provide greater clarity and eliminate the uncertainty that has existed in the market for years.
Long-standing concern surrounds when digital tokens count as securities — and ThreeOh DAO argues that most cryptocurrencies should not be defined this way by the US Securities and Exchange Commission.
ThreeOh DAO warns that “Howey’s test-retrofit-based ambiguity has caused confusion among innovators and has had a chilling effect on innovation.”
Other items on the agenda concern the taxation of digital assets – and the US’s role in the spread of Web3. In the eyes of this organization, the United States should be at the forefront of innovation – giving startups and businesses a competitive edge through initiatives such as grants and tax credits.
In ThreeOh DAO’s view, blockchain technology itself should not be regulated as it is only a platform that enables cryptocurrency. It requires stablecoins to also be given “the same protection that fiat currencies provide when included in financial accounts”.