Thread by @CaitlinLong_

I LEARNED interesting things at #ETHDenver2022—#DAOs are organizing under either coop or LLC laws🤠, & despite testing all the thousands of attendees for COVID a staggeringly low # were testing positive. I hope the latter is basically over🤞—the former seems to be taking off tho.

For #DAOs that choose to register there’s a race btwn using state cooperative laws vs state LLC laws. WY’s #DAO LLC law is hot but so is CO’s coop law. Our panel didn’t have time to dive into the differences in how each limits liability for members. #crypto lawyers—pls debate it!

Here's a blog on the topic of limiting member liability for coops. I'm hoping #crypto lawyers pick this thread up & start discussing bc there are likely differences between state coop laws & state LLC laws when used by a #DAO. I find the topic interesting. cooperativesfirst.com/blog/2020/08/0…

Not to sidetrack the coop vs LLC discussion on this 🧵but here’s an interesting add: few know that #Wyoming’s special-purpose depository institution law was originally proposed as a mutual. There are mutuals all over financial svcs—special types of member-owned organizations.

The #Wyoming legislature overruled that & made SPDIs corporations not mutuals. I think either form wld work. (Ages ago I worked on demutualization of insurance cos—became a trend bc mutuals have a harder time raising capital & their managements tend to become more entrenched.)

A key in all these different types of organizations, of course, is getting the governance right. It was interesting to read that blog ^ about coop boards sometimes taking on personal liability. Every #DAO will handle that differently. Old issues becoming new again, interestingly