STORM Partners should help the DAO to “face the many challenges its decentralized nature poses.”
The 1inch decentralized autonomous organization (DAO) voted to hire a permanent legal counsel from a Geneva-based Web3 solutions provider, STORM Partners. The legal team should help 1inch to “face the many challenges its decentralized nature poses.”
The single-choice voting on obtaining the “comprehensive legal support” from STORM ended on Jan. 9, with an overwhelming majority of 96.45% approving the suggestion. The legal services provided by the Swiss firm will include regulatory compliance checks, entity structuring, governance policy development, contractual support, IP protection, and legal defense against external claims.
Among the principal motives for getting permanent legal counsel, the 1inch statement puts the courts’ tendency to apply traditional legal principles regarding corporate liability and regulatory obligations to decentralized entities, as evidenced by recent cases in Europe and the United States.
