I work in the so called ‘Brussels Bubble’ in Belgium - this is the nerve center of legislative and regulatory activity in the EU.
The EU is currently in the process of drafting its sweeping Crypto regulation package called ‘MiCA - Market in Crypto Assets’. This regulatory framework will be debated over the next couple of years, with a view to being implemented in around 3-4 years time.
Needless to say, this regulatory framework will have significant impacts on usage of crypto in the EU.
When it comes to representation of the crypto industy and users - its severely lacking, and where it exists, totally toothless, and possibly corrupt. From the drafts of MiCA that I have seen, it is extremely important for there to be strong and dedicated pushback to many elements of this proposal.
Blockchain4Europe is the main lobby group - except they represent exchanges and certain blockchain companies like Ripple, Filecoin etc - there is little to no involvement from the grassroots or citizens themselves.
Furthermore, this association is run by a lobbying company called ‘APCO Worldwide’ - they lobby on behalf of many industries directly and also via these weak and rent seeking associations, meaning that a) they dedicate very little resources to Blockchain4Europe, and b) due to the fact they represent many other industries, they are not able to fight for Blockchain users’ interests - they must be mindful of how it will impact their other clients interests.
As a result, European Crypto using citizens are severely underrepresented, and may well find that the final legislative proposal is extremely restrictive, and serves only to curtail their freedom, financial and otherwise, while protecting the interests of central banking and its assorted beneficiaries. This would be a disaster not just for EU crypto users, but all European citizens in general.
This leads to my idea - a DAO that would allow tokenholders to sustainably fund a dedicated grassroots oriented lobbying effort, while also directly influencing the issues and positions that would be taken by the lobby.
Heres how it could work:
Users would be able to deposit funds into a contract, which would allocate said funds to Anchor protocol. Some percentage of the APY would be used to fund the lobbying activities. The rest would compound and be added to the fund. Users would receive a token that would entitle them to the underlying funds allocated, and allow them to propose and vote on governance proposals, that would allow DAO tokenholders to directly decide what the lobby does and what its positions are.
The advantages are:
Crypto users worldwide would have a dedicated voice in one of the main legislative nerve centres of the world. It would also provide a concrete example of how crypto and innovations derived from it can empower individuals and organisations so that they can be more effective and not so easily corrupted by power and money
Some of the challenges:
In Europe, lobbying organisations require some kind of legal office/representation and submit a file to the ‘Transparency Register’ in order for legislators and politicians to meet with them. This would mean that some kinds of funds would have to move offchain so to speak to enable this.
The complexity of these topics, as well as the sheer number of them would perhaps also make it hard to hold meaningful votes on positions and issues etc.
I had this idea while laying in bed last night, so it may well be total rubbish and that there may be more efficient ways of achieving this goal which is why I’m sharing it here to hear your thoughts.
I would appreciate any and all feedback to see whether its something worth taking further. There would no doubt be organisational and legal challenges to overcome in the future that may make it hard to proceed, but I am interested on your general thoughts about the idea.