SDGP-001 Foundation Ratification

This is a Governance Proposal and has a Quorum to Pass of 250,000 $SQUIG and a Minimum Participation of 10 voters.

Recognising Squiggle Foundation

When SquiggleDAO launched in 2021, our vision was to create a vibrant community that collected and celebrated what we believed would be a very important piece of art history. At the heart of this community is not just the members but also the operational side of the DAO. As the DAO has grown, the operational requirements have also grown and most importantly, so has the need to make sure we’re set up appropriately from a legal and regulatory perspective.

In order to take Squiggle DAO to the next stage of its development and grow into a professional organisation that will stand the test of time, we need to separate the group of SQUIG tokenholders (commonly considered a partnership) from the operational activity. Incorporating legal entities ensures all those involved are adequately protected and the DAO can safely continue to thrive in a compliant manner, navigating the increasingly complex and onerous regulatory environment.

Maintaining an official presence in regulatory friendly jurisdictions like Cayman and BVI will allow the DAO to meet its obligations for compliance and avoids the suggestion that it is actually based in high risk jurisdictions such as the United States.

The wishes of DAO members will continue to be expressed by governance token holders through voting. But this proposal is to move operational activity to completely separate legal entities that are independent of the governance function. The primary objective of this is to clearly establish that DAO activity is not the joint liability of tokenholders in each of their resident jurisdictions. This change is inline with what other peers are doing and is at the advice of the DAO legal counsel.

This is a proposal to:

• formally recognise Squiggle Foundation (the Foundation) and its subsidiaries, Squiggle Labs and Squiggle Corp., as supporting the foundation;
• amend and restate the constitutional documents of the Foundation to more closely align with the DAO and streamline the Foundation’s operations;
• ratify the engagement of Harney Westwood & Riegels as legal counsel to the Foundation;
• ratify the existing expenses incurred in connection with the Foundation and its subsidiaries, including the anticipated fees of the second professional director; and
• approve an operating budget for the Foundation and its subsidiaries. By voting yes to this proposal, you are approving and ratifying (as applicable) all of the above, set out in more detail below.

Full details here (too long to post on snapshot) https://docs.google.com/document/d/1TRuBN0MSbOSYH2Lv5tjq9L89-etWIAHa/edit?usp=sharing&ouid=113216267516765562227&rtpof=true&sd=true