ThreeOh DAO Hopes to Change Washington DC’s Take on DeFi
The decentralized finance (DeFi) trend has the answer to a lot of problems reflecting the loopholes and inadequacies of the current financial system, which is eroded by inflation, inequality, a lot of centralization, and straight corruption. Nevertheless, despite the tremendous potential of blockchain networks for financial services, there is no adequate legal framework that would support the use of decentralized solutions for financial use cases at all levels. Moreover, there is evident resistance from many government officials who are not ready for a major change in the paradigm.
To encourage a more crypto-friendly environment across the US, ThreeOh DAO is proposing a funding pool and advocacy mechanism to support political action towards government policies that would accelerate the adoption of blockchain and digital currencies.
ThreeOh DAO Works with Top Lobby in Washington DC
ThreeOh, which is structured as a community-driven Decentralized Autonomous Organization (DAO), has ties with top lobby in Washington DC and collaborates with non-partisan Super PAC.
ThreeOh represents an ecosystem revolving around a democratic advocacy platform that is governed by the community and self-funded, with the pool of money being used to support crypto-friendly policies. While the crypto lobbying effort in the US is expanding, ThreeOh puts great emphasis on the decentralized finance (DeFi) trend, which is capable of acting as an alternative to the current financial system and eventually replacing it altogether.
The organization has a structured collaboration with DeFi Advocacy (501c4 lobby) and Web 3.0 PAC (Super PAC), being the only crypto lobbying entity acting as a DAO. Basically, the community decides how the funds are used and which policies and politicians should be supported.
The ecosystem is fueled by a proprietary token called 3OH. It gives holders voting rights and a mechanism to monitor targeted politicians, who are filtered based on a reputation score. Every buy and sell comes with a 10% tax that is distributed to advocacy and operations. Wallet-to-wallet transfers are not taxed.
ThreeOh’s triangular structure enables an efficient flow of funds from the community to lobbying efforts. Initially, the DAO issues governance tokens to community members who have decision-making power. Then, DeFi Advocacy raises the funds for DeFi advocacy projects and supports DeFi initiatives as an intermediary. Finally, Web 3.0 Super PAC receives funds from DeFi Advocacy and donors to campaign on behalf of candidates and legislation. All three entities are working separately.
The goal is to change the narrative for DeFi, a market with a total value locked (TVL) figure of over $73 billion as of March 2022. This is the first true advocacy platform for the DeFi community.
Crypto Lobbying Expands in US
ThreeOh’s roadmap is unfolding amid intensifying lobbying efforts seeking to persuade politicians that cryptocurrencies must be part of mainstream finance.
A recent report from Public Citizen found out that the number of lobbyists working on crypto-related issues surged from 115 in 2018 to 320 at the end of 2021. Meanwhile, lobbying spending for the crypto sector increased 300% during the same period to $9 million.
Last year, lobbyists for the crypto industry included former top officials from the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Treasury Department as well as former lawmakers from both parties.
Discussions about the role of digital currencies are held at the highest level. On March 9, US President Joe Biden signed an executive order calling on the government to analyze the risks and benefits of cryptocurrencies, with a focus on six areas: consumer protection, financial stability, US competitiveness, illicit activity, financial inclusion, and responsible innovation.
Jeremy Allaire, CEO of Circle – the company behind the USDC stablecoin – tweeted that this was a “watershed moment for crypto, digital assets, and Web 3, akin to the 1996/1997 whole of government wakeup to the commercial internet.” He added:
“We are at a turning point in geopolitical and geo-economic systems and history, and the U.S. now has the opportunity to lean into an open, internet-native economic infrastructure while others focus on closed, tightly-controlled and privacy-eroding alternatives.”
For ThreeOh, this is the right moment to push the DeFi narrative further to the highest echelons of government.Source