Regulation & Policy
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The 1inch decentralized autonomous organization (DAO) has taken a big step by voting to enlist permanent legal counsel from Geneva-based Web3 solutions provider, Storm Partners.
The move, approved by an overwhelming 96.45% majority in a single-choice vote that concluded on January 9, aims to address several challenges posed by 1inch's decentralized nature.
Storm Partners will offer comprehensive legal support, covering regulatory compliance checks, entity structuring, governance policy development, contractual assistance, intellectual property protection, and defense against external legal claims.
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Notably, the decision reflects the evolving legal landscape for decentralized entities, with recent cases in Europe and the United States applying traditional legal principles to these structures.
Storm Partners' engagement is designed to complement the community's self-regulatory capabilities, allowing the DAO to retain full control over governance decisions while converting them into structured legal frameworks.
As a historic precedent, this marks the first instance of a DAO directly hiring a legal team, setting the stage for potential shifts in legal support for decentralized organizations.
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