KlimaDAO Supports US Legislators In Finalizing The Crypto Regulation Bill For DAO

The KlimaDAO platform has partnered with Tusk Strategies, helping US lawmakers further refine the definition of DAO in the crypto regulation bill in this country.

The DAO project, which aims to create environmental improvement solutions built on Polygon – KlimaDAO (KLIMA), announced its legal team is working with Senators Cynthia Lummis and Kirstin Gillibrand to provide a legal framework for DAOs in the “Lummis-Gillibrand Responsible Financial Innovation Act” launched in June 2022.

The bill above clarifies the crypto industry, outlining how crypto assets should be managed appropriately. In addition, the text also includes definitions of crypto and other terms that legislators, including DAOs, have not established.

Through regulatory support, KlimaDAO hopes the law will help legitimize the project’s work in providing carbon-backed tokens that can be used to offset emissions. The project said:

“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 partner group, also revealed that he received help from lobbying firm Tusk Strategies in providing his opinions to the above lawmakers. Interestingly, KlimaDAO has become one of the projects that billionaire Mark Cuban has great expectations of.

According to its website, the firm, founded by noted political strategist and venture capitalist Bradley Tusk, has “represented and invested in companies at the vanguard of digital currency” for years.

Tusk Strategies was chosen partly because of its past work with OlympusDAO, a decentralized reserve currency protocol based on the OHM token; the name has excited the community with the wave of DeFi 2.0 that began to resonate around the end of the fourth quarter of 2021.

DAOs would be classed as business entities under the framework, adding to the Internal Revenue Code of 1986. The proposed legislation would apply the classification to DAOs beginning in 2023.

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