Founder Meet 001 — Aug 24, 2022

Agenda:

1. Legal framework
1. Time to go into more details than our initial LegalNodes advisory
2. SEC guidelines aren’t putting very clear guidelines as it would shell-shock the market, but leaves us confused
3. What applies to us vs. what LegalNotes
1. Howey test
2. The main thing: ‘From the efforts of others’
3. We are offering a product for people to make money
1. If straight up LLC, it’s a security
4. the ‘from efforts of others’ part is how DAO’s enable this to not be a security
5. is the Web2 company the AP?
1. what’s the definition of an AP? Are each employees APs?
6. things that are more similar to us, the SEC would put a fine on the whole amount raised, they would put a civil fine
7. we need to ensure we get an exemption from the SEC
8. we would need to verify through our legal representation that won’t come into those problems
9. there is legislation may not be under the SEC. it would be put into another branch, it would go under the commodities exchange
10. in howey test, if the technology (i.e. blockchain) if it exists from day 1, and it doesnt require anyone to run it and it doesn’t require an incentivization program (i.e. burning tokens), it won’t be a regulated security
11. we need to confirm these interpretations
12. Deliverables:
1. Get in touch with the lawyers + draft up finalized legal framework
2. PFP