JPG DAO: Legal Review

[GENERAL] Summarize your solution to the problem.

We want to consult with the best North American legal experts to ensure the creation of the JPG DAO and token are in line with the legal requirements and outlines of the land.

[GENERAL] Summarize your relevant experience.

The team at JPG launched the marketplace in the second week of November 2021. Since then JPG has pushed to create a user driven marketplace servicing all NFTs on Cardano. We have registered JPG Store as a legal business in North America within the confines of the local law.

[IMPACT] Please describe your proposed solution.

We will be sitting down with the partners and associates at Schulte Roth & Zabel LLP to discuss the plan we have for the DAO and its token.

Once disclosed we will work with their legal team to bring the DAO and token into the confines of the law to ensure long term growth of JPG.

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

The efforts put in by the JPG team will help the understanding of North American laws in relation to tokenization. This will empower other entities within the Cardano ecosystem and crypto as a whole to learn from our roadmap and launch other utilitarian tokens.

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

The challenge that we foresee is arriving at a solution that not only keeps our token and DAO within the confines of the law but also one that doesn’t strip away the core ideals of being community driven.

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

The project would be executed over a time period of 2 weeks. In this time period we would use up 15 hours of consultation with the legal team to reach decisions regarding the path JPG needs to take to create its token.

[FEASIBILITY] Please provide a detailed budget breakdown.

Our budget will be divided into two sections based on the consultancy rates of the legal firm.

Partners: 2000/hour

Associate: 1000/hour

10 hours * 2 partners + 1 associate = 50k

We are basing these estimates off actual interactions we've had in the past with this firm.

[FEASIBILITY] Please provide details of the people who will work on the project.

Our C-Level executives will be the ones interfacing with the law firms, though this proposal doesn’t cover their costs, rather only costs incurred from the legal firm are added.

In total we will be consulting with a team of 3 from Schulte Roth & Zabel LLP, 2 partners and 1 associate.

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

The submission is a one time funding request to execute the proposal. We do not foresee us returning to Catalyst for further funding in regards to this proposal.

[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?

[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

The project would majorly be executed in collaboration with a legal firm. The progress would be tracked as checklist against the Howey test to ensure we don’t fall under the definition of security as we fine tune the narrative and functionalities of the token and DAO.

[AUDITABILITY] What does success for this project look like?

A DAO that enables JPG Store to be driven by the community while staying within the confines of the law, thereby shielding both the business and holders.

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

This is an entirely new proposal.