The DAO said it’s partnered with Tusk Strategies to work on the Lummis-Gillibrand Responsible Financial Innovation Act.
The KlimaDAO announced Friday that it is collaborating with politicians to provide a legal framework for DAOs in the Lummis-Gillibrand Responsible Financial Innovation Act.
KlimaDAO’s legal team told Decrypt that the DAO has had multiple conversations with staff members from the offices of Sens. Cynthia Lummis and Kirstin Gillibrand since May.
The legislation was introduced to the Senate in June, and published on Github to gather comments from the technical community. The bill aims to bring clarity to the crypto industry, outlining how digital assets should be taxed and how they should be regulated by different government agencies.
It also includes definitions for what virtual currencies are, as well as for other terms that haven’t yet been established by lawmakers, including DAOs.
Also referred to as a decentralized autonomous organization, a DAO is a blockchain-based management structure in which members make decisions by voting with governance tokens, instead of relying on a corporate hierarchy to determine how funds are allocated.
KlimaDAO hopes the legislation will help legitimize its work in offering carbon-backed tokens that can be used to offset emissions. In a blog post, KlimaDAO wrote, “We are honored to have the chance to work with Senators Gillibrand, Lummis, and their staff, in helping to shape such an important project.”
Sam Emmes, a member of KlimaDAO’s strategic partnerships team, told Decrypt that the organization has taken on the help of lobbying firm Tusk Strategies in providing its opinions to lawmakers.
The firm, owned by prominent political strategist and venture capitalist Bradley Tusk, has “represented and invested in companies at the vanguard of digital currency” for years, according to its website.