DAO has PAC and it’s creepy – POLITICS

While Washington waits for a major cryptocurrency bill to be submitted to the Senatemy colleague Sam Sutton reports that lobbying activity in the industry is reaching fever.

Much of this lobbying activity follows a familiar pattern: businesses offering new financial products using new technologies and arguing with Washington over how they will be regulated.

But some attempts to influence Washington’s blockchain policy are becoming, well, well, farther.

Enter the Web 3.0 Super PAC, a new political action committee launched today by the 3OH DAO (pronounced Three-Oh-Dow), a group that wants to be the face of Web3 in the policy making world.

The 3OH DAO’s stated policy goals are standard industry priorities: they want Washington to bring in light regulation and develop rules that are conducive to decentralized finance. His leadership team is also traditional, a mix of Capitol Hill and campaign veterans like Lindsey Schulte, former CFO of the Congressional Democratic Campaign Committee.

But there is something different about this political push.

As the name suggests, 3OH DAO partially operates as a decentralized autonomous organization, a new type of web-based organization that can be managed using blockchain tokens. His new PAC is one of the first political action committees to be registered with the FEC, if not the first to be affiliated with the DAO (leaders of the group, as well as a spokesperson for the Campaign Legal Center, a nonprofit campaign finance watchdog, said they were not in course of others).

This means, in short, that the bank of political money will now be controlled by whoever bought digital tokens from a decentralized online group.

I called Saurav Ghosh, director of federal reform at the Campaign Law Center, to think about what this could mean for American politics if it became popular. His first response was simple: theoretically, there is nothing stopping the DAO from having an affiliated super PAC, he said.

But Ghosh said that after discussing the Digital Future Daily request this morning, he and his colleagues concluded that it was too early to tell what new legal challenges might arise in such arrangements. “It’s a fun area because it’s where the old campaign finance laws are opposed to new ways of organizing and spending money,” he said.

Campaign spending by third party groups is subject to complex legal regulations., and things get even more complicated if the outer group is associated with a new entity type whose relationship to existing legal categories is still being developed. While some states have created legal designations for the DAO, Dave Barmore, a former House of Representatives official who served as group director of public relations, said that 3OH DAO is registered as a C corporation in Texas and that it will not directly fund PAC. “We are still working with our campaign finance consultant to understand how the DAO can interact with the super PAC,” he said.

In other words, the PAC will take directions from DAO token holders – Barmor said there are around 1,200 of them – in some way that has yet to be determined, pending legal advice. (The exact connection between DAO token holders and Texas C Corp management is, to put it mildly, beyond the scope of today’s newsletter.)

So who will control this PAC? Who owns tokens in the DAO?

Dustin Dill, founder of 3OH DAO in Texas, has experience in the oil and construction industries. There are a couple of leaders in the group. Barmore said he didn’t know who exactly the rest belonged to.

This is not unique to the DAO or Web3 world: corporations and nonprofits wield significant influence in American politics, although the identities of their owners and donors are often unknown. The ultimate sources of funding for American political projects can often be described as opaque or even shady.

Rarely, however, they can be described as directly frightening. This is where the Web3 world differs and things get even weirder.

On the his website, 3OH Dao also lists some investors, one of which is another DAO called CultDAO. Is it a cult? Is it DAO? Barmore said he didn’t know exactly what the group was or who was behind it.

CultDAO website invites visitors to become “part of the cult”, by investing in revolution. Scrolling through the site, visitors are taken on a journey through a haunted mansion from an Edgar Allen Poe story to eerie music. The group’s manifesto states that “CULT serves to hasten the collapse of the old financial system to end the tyranny of sovereign nations and central banks.”

In fact, CultDAO may offer more of a rebrand than a revolution. The group’s FAQ refers to “decentralized venture capitalism” – in other words, it’s for investing.

But there’s something unusual about digging through a normal looking super PAC with a regular DC team and finding the likes of CultDAO a couple of layers below the surface.

In the old days (say 2010) people could go online to play a fantasy computer game with strangers, invest through their brokerage account, or post political articles on their blog. Now, with the help of blockchains, these activities are strangely merging together, and new online businesses are spreading faster than anyone can track them. Despite some regulatory hurdles, the resulting projects are now beginning to establish formal links with the political system.

Talk about creepy.

In this bulletin first edition, we wrote that tomorrow’s technologies are “already changing power both inside and outside national borders.”

Add to these boundaries one of the most seemingly impenetrable boundaries – the boundary between your thoughts and your actions. This week’s RightsCon hosted a conference on human rights and technology, hosted by non-profit group AccessNowa group of designers gathered to discuss “neurotechnology, augmented reality (XR), and the surveillance metaverse,” an idea that already has serious implications for the real world.

While panellists acknowledged that brain-computer interface technology as it exists today is rather crude, they warned of the need to plan now for the potential dangers of handing access to one’s thoughts and neural patterns to a third party, whether in the virtual world or This.

First, the street can work both ways — companies not only collect neural data, but also use it to make users dependent on their technologies.

“There is a strong parallel to other products that we have created in the past that have the ability to radically change brain chemistry, brain function and behavior, like tobacco, things like alcohol, like opioids,” the privacy activist said. Albert Kahn. He argued that profound changes in our relationship with the technologies represented by brain-computer interfaces require an equally profound rethinking of our relationship with the companies that will produce them.

And when it comes to governance, the implications of gathering neurological data are clearly enormous—think Minority Report.

“We need to outlaw such policing practices because they are simply incompatible with anything resembling an open society,” said the designer and researcher. Dylan Urquidi.

So if the advent of the metaverse follows the emergence of newer and even more potentially invasive forms of surveillance by private companies, or even potentially governments, who can take responsibility and make significant progress to maintain even a little bit of privacy in an ever-growing immersive virtual world?

“It will almost by default be regulated by the most interventionist countries, because these are global platforms,” said Kahn. “Therefore, as an American who does not believe in our own regulatory structure, I look to Europe with a glimmer of hope.” – Derek Robertson

Weekend Favorite DFD Author William Gibson tweeted excerpt from a magazine from the late 1990s Wired magazine that showed another attempt at futurism.

Well, the “try” may not have quite covered it – it was wildly successful, with the authors Peter Leiden as well as Peter Schwartz predicting everything from the Covid-19 pandemic to Russia gripped by “nationalism that threatens Europe.” Here are a few other, more insightful predictions:

  • “The process of integration in Europe is stalling.” (Hello Brexit.)
  • “Serious environmental crisis triggers global climate change.” (It goes without saying.)
  • “A significant increase in crime and terrorism is causing the world to retreat in fear.” (The numbers on this are highly debatable, but it cannot be said that the politics of fear have returned on a grand scale.)

Of course, these are not all hits. But the show’s high, futuristic average speaks volumes in light of the context in which the article was published—as part of an upbeat cover titled Long Arrow.
Like its spiritual counterpart, Francis Fukuyama’s The End of History,Long boom“Over the years, he has been addressed frequently and derisively in every downturn and downturn in the dot-com market. But like its counterpart, the general argument is often misunderstood—not that the march of progress is inevitable and uninterrupted, but that the innovations of post-Cold War globalization represented a huge leap forward that is hard to stop, despite any (apparently predictable) ) failures. – Derek Robertson

  • OpenSea, the world’s largest NFT trading platform, become a refuge for theft and fraud.
  • Journalist explains his message about software failures designed to prevent school shootings.
  • Mike Novogratz, a Wall Street artist notorious for tattooing the Luna logo on his arm. may have some regrets.
  • Apple is expected to introduce its AR/VR technology front and center at WWDC this week, though it’s not yet known when he’ll unveil his much-touted device.
  • A group of Scottish engineers developed “Synthetic Leather” designed to mimic the synaptic interaction between the brain and the body.

Stay in touch with the entire team: Ben Schrekinger ([email protected]); Derek Robertson[email protected]); Konstantin Kakaes (ur.[email protected]); and Heidi Vogt ([email protected]).

Ben Schrekinger writes for POLITICO on technology, finance and politics; he is a cryptocurrency investor.

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