Geneva-based Web3 solutions provider Storm Partners has been selected by the 1inch decentralized autonomous organization (DAO) to provide permanent legal counsel. The decision was reached through a single-choice voting process, with an overwhelming 96.45% majority in favor of obtaining “comprehensive legal support” from Storm Partners.
This move comes in response to the growing need for legal guidance in the face of challenges posed by the decentralized nature of 1inch DAO.
1inch DAO decentralization challenges addressed
1inch DAO, a prominent player in the DeFi space, has chosen to bolster its legal framework by enlisting the services of Storm Partners. The primary objective of this partnership is to tackle the unique challenges inherent in the decentralized ecosystem.
One of the key areas where Storm Partners will lend its expertise is regulatory compliance. As decentralized entities like 1inch DAO navigate the evolving landscape of blockchain and DeFi, regulatory scrutiny becomes increasingly relevant.
Storm Partners will conduct comprehensive compliance checks, ensuring that 1inch DAO remains within the bounds of the law while pursuing its mission.
In addition to compliance, Storm Partners will assist in structuring 1inch DAO’s entities. This is crucial for establishing a clear and legally sound framework that aligns with the organization’s goals and the evolving regulatory environment.
Governance policy development and contractual support
Effective governance is essential for any decentralized organization. Storm Partners will work closely with 1inch DAO to develop governance policies that reflect a DAO’s unique needs and challenges. This will help establish transparent decision-making processes, thereby enhancing the organization’s overall effectiveness.
Furthermore, Storm Partners will provide contractual support, ensuring that agreements within the DAO are legally sound and enforceable. This is vital for maintaining trust and confidence among stakeholders and partners.
Intellectual property protection and legal defense
Intellectual property (IP) protection is critical to any organization, and 1inch DAO is no exception. Storm Partners will assist in safeguarding the intellectual property assets of the DAO, ensuring that innovations and creations are adequately protected.
Additionally, Storm Partners will serve as the legal defense against external claims. Disputes and legal challenges may arise with the increasing adoption of blockchain and DeFi technologies. A dedicated legal team will help 1inch DAO address such issues effectively.
Addressing traditional legal principles
One of the driving forces behind 1inch DAO’s decision to secure permanent legal counsel is recognizing the tendency of traditional legal principles to be applied to decentralized entities. Recent cases in Europe and the United States have demonstrated this trend, with courts increasingly relying on established legal frameworks to address issues related to decentralized organizations.
By partnering with Storm Partners, 1inch DAO aims to navigate these challenges proactively and ensure that its decentralized nature is not a hindrance but an advantage in the eyes of the law.