Ethereum solution provider ConsenSys has pledged to support a Uniswap government proposal to reserve tokens for a new decentralized financial fund (DeFi) for political lobbying..
The proposal was made on May 27 by Harvard Law School’s Blockchain and FinTech Initiative to create a fund to fund existing and new political groups dedicated to shaping cryptocurrency policy and lobbying to defend DeFi against regulation..
The Harvard Law School Blockchain and FinTech Initiative proposal cited concerns that governments around the world will try to regulate DeFi without proper education., and proposed a fund of 1-1.5 million UNI. More than 10 million tokens have been collected to support the idea. The proposal is about to be fully voted on.
Some thoughts from @Consensys (Support) to Uniswap’s latest political proposal by @HarvardLawBFI.https: //t.co/GuVUlUjXiL
DC @ RebeccaRettig1 @boironattorney @jchervinsky @ammori
– Matt Corva (@MattCorva) June 2, 2021
ConsenSys General Counsel Matt Corva stated that The training of legislators is of crucial importance at this point, “especially as we are moving towards a really popular, ambitious use of our technologies”.:
“All in all, this is a huge effort and the fact that Uniswap is taking the first step could open the doors for other great treasures to support this (or similar) initiative.”
Qualification as “one of the best initiatives so far”, Corva alleged that the company had participated, directly or indirectly, in any type of politics and advertising since early 2016. He added that in his opinion The two best uses of community funds are those that advance the use of technology in real life and its promotion at the same time.
“So we will support this; and we have already told our portfolio companies that we would like them to consider the same. “
According to the Mesh Company’s investment division, Portfolio companies include cryptocurrency lending platform BlockFi, security firm Quantstamp, scaling solution provider Starkware, and DeFi Compound Finance Protocolwhich could upset the vote balance.
DeFi’s Political Defense Fund targets the Biden government’s 2020 budget proposalwhich, among other things, includes a possible expansion of the notification obligations for crypto assets.
Consensys should become a Uniswap delegate on https://t.co/vc9625wzWi 🙂
– Hayden Adams (@haydenzadams) June 2, 2021
Uniswap’s governance proposal has been controversial since many disagree that a single organization and a handful of lawyers decide how to raise funds for the rest of the community.
The cryptocurrency pseudo-influencer DCinvestor remained skeptical because the amount requested was “simply too large” and not compatible with responsible treasury management.
Uniswap’s governance process has three phases: a “temperature review” vote which requires 25,000 UNI, a “consensus review” vote which requires 50,000 and the final vote which requires a quorum of 40 million UNI.
The snapshot reports that there were 34 million yes and 17.8 million no-votes during the “consensus check” phase.which means that there is now a full vote.
According to Etherscan, There are several UNI-Wal addresses that have over 10 million tokens and ConsenSys could be one of them. Your support for the proposal will no doubt influence the outcome.