Having in mind any DAO that raises funds (cryptocurrency) by the way of native token sale, I’d like to raise a question about the status of this unincorporated entity regarding money transmission.
There is a quite new FinCEN guidance about money transmission: https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf and in clause 4.4 it is stated that:
“The same regulatory interpretation that applies to mechanical agencies such as CVC kiosks applies to DApps that accept and transmit value, regardless of whether they operate for profit. Accordingly, when DApps perform money transmission, the definition of money transmitter will apply to the DApp, the owners/operators of the DApp, or both”.
For the term see 1.2.1:
The term “money transmission services” is defined to mean the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means. The term “other value that substitutes for currency” encompasses situations in which the transmission does not involve currency, or funds, but instead involves something that the parties to a transaction recognize has value that is equivalent to or can substitute for currency.
See also 5.2 about ICO.
As I understand it from this guidance FinCEN see DAO as a money transmitter. What do you think about it? If it is so, I suppose that precisely curated Identity DAO as a part of the ecosystem becomes vital.