A DAO has voted unanimously to donate the $4 million in crypto it raised from the sale of 10,000 “Lobby Lobster” NFTs to Washington crypto lobbying group Coin Center.
Monthly polls will determine where money is donated to
The Lobby Lobsters was an NFT project that sold for 0.1 ETH and was created to support lobbying groups that are lobbying to support the crypto industry. Lobby Lobsters had not determined what the proceeds would be used for before the sale, but in a DAO vote yesterday, the DAO decided to donate the money to the nonprofit research and lobbying organization Coin Center.
For secondary market sales on the OpenSea marketplace, 2.5% of the proceeds go to OpenSea, with the remaining 7.5% going to other lobbying groups and organizations. Monthly polls determine the organizations.
Got some #lobbylobsters for sale from @universe_xyz! If you want to make some real change, support this cause. 🦞 100% of the money from each purchase is donated to lobbying efforts that fight for better laws and policies surrounding cryptocurrencyhttps://t.co/MDFLzqwuDe pic.twitter.com/vHgX4hA4z9
— metamanjro (@metamanjro) September 9, 2021
DeFi projects are in a difficult situation
Gensler spoke to the European Parliament’s Economic and Monetary Affairs Committee earlier this month, calling cryptocurrencies “highly speculative.” Two days later, The SEC revealed that they had started an investigation into decentralized exchange Uniswap.
Coinbase was also under pressure from the SEC because of its plan to launch a lending product that would pay stablecoin holders 4% interest. The threat, which related to whether Coinbase’s product would constitute a securities offering, prompted Coinbase’s CEO Brian Armstrong to respond in 21 tweets, saying that there had been “some really sketchy behavior coming out of the SEC recently.
It seems the creators of Lobby Lobsters want to use the money they raised to help DeFi and CeFi projects and companies gain more power in Washington. The goal of Coin Center is to conduct research, educate policymakers, and advocate for sensible regulatory approaches to this technology. The hope is that the money donated will facilitate this and help projects such as Uniswap and companies like Coinbase feel less pressure.