Proposal 31: $30k budget to MCDEX Foundation for legal opinions

Summary

Assign $30k Budget for legal opinion in the near future

Descriptions

By the approach of V3 and MCDEX DAO launch, the protocol is on the way to being fully community-driven. With the adoption and expansion, legal issues both regarding token and operation are becoming vital and critical. We are fully aware of the importance of the lawyers on the token’s and platform’s nature with the legal opinion to explore the concept and functions of the design. Herein, the legal opinion will assist to grant compliance or objections on the classification of the product in order to not violate the regulation. The opinion will also reflect our long-term goal on the project and is extremely vital to understand the quality of the design from a legal standpoint. The protocol needs this legal opinion to work within regulation.

Allocation Budget

proposing a $30k budget application to MCDEX foundation for lawyer’s costs for the upcoming legal opinions.

Update By Admin:

  • Vote here
  • This proposal is approved

In my opinion there is no need to assign money for “legal work”. Crypto is made to be censorship resistant, not caring about any regulations.

If the team have any future problems with the law, then we can assign money to that later if needed. Most “legal votes” of other tokens have just been cash grabs this far.

When the project is fully deployed on arbitrum, there should not be much more work needed to be done, therefore there will be nothing that is possible to “regulate” anyways.

Not really. Legal opinions are required when listing on centralized exchanges.
IMO, those budgets should cover that part. And the DEX itself doesn’t need too much legal stuff but the issue regarding token does need.

1 Like

I’m supportive of this proposal, every
TIER 1 centralized exchange will ask for a (US) legal opinion stating on the utility nature of the MCB token before considering listing it on its platform.

Furthermore, integration of the MCB token with third party platforms shouldn’t be limited to decentralized platforms imo.

2 Likes

measure twice, cut once. MCDEX should absolutely seek out legal counsel as part of scaling plan, caveat being the ‘right’ firm that has experience and reputation

Getting a Qualified Legal Opinion is important because they are experts in dealing with the laws and legal issues that surround with cryptocurrency and blockchain technologies. These thing can be tricky best to get qualified professionals in the field to draft legal opinions for MCDEX

Especially for a cryptocurrency exchange legal Opinion is very important. All contracts should have strict wording, information about its validity in current legislation, and the presence of transparent, and understandable conclusion. These can only be provided by professionals in the field.

However getting a Qualified and Competent is very important. Better not get at all if they are incompetent.