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Home»ADOPTION NEWS»dYdX Incorporates in Cayman Islands, Disposes of Existing Treasury
ADOPTION NEWS

dYdX Incorporates in Cayman Islands, Disposes of Existing Treasury

By Crypto FlexsApril 1, 20243 Mins Read
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dYdX Incorporates in Cayman Islands, Disposes of Existing Treasury
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Decentralized Exchange dYdX D.Y.D.X.

-6.038%
It plans to move some of its operations to the Cayman Islands as U.S. regulators turn their attention to decentralized finance (DeFi) protocols.

The restructuring plan, approved with more than 90% of the vote in a community referendum on Sunday, will transfer the dYdX Operating Trust (DOT) to dYdX Foundation, a Cayman Islands foundation company. said In the X post. With US securities regulators showing signs of cracking down on DeFi protocols, this move could protect dYdX contributors from legal threats.

Although dYdX does not operate in the United States, regulators can and have pushed for cryptocurrency projects based outside of their jurisdiction. dYdX representatives could not immediately respond to The Block’s request for comment.

The Cayman Islands are not a surprising destination for the reinvention of DOT, a joint fund launched last year with nearly $400,000 in tokens allocated for dYdX’s governance and operational initiatives. That’s because the British territory boasts a lax regulatory framework for digital assets, making it an attractive destination for cryptocurrency companies looking to shift their operations offshore to avoid entanglements with hostile regulators like the United States.

As part of its cryptocurrency-friendly laws, the Cayman Islands allows international companies to set up foundation companies within its borders. These limited liability corporate vehicles maintain “separate legal personality.” This means that if the company gets sued, the personal finances of those who manage it are protected. according to This is a blog post from offshore law firm Carey Olsen.

In recent years, several DeFi projects have received inquiries or even legal threats from regulators. In 2023, the U.S. Securities and Exchange Commission (SEC) subpoenaed SushiSwap and its companies. Featured Contributor Jared Gray, raising concerns that the protocol could be subject to enforcement actions brought by the agency. Meanwhile, DeFi platform ShapeShift paid $275,000 last month to settle a lawsuit filed against it by the US securities regulator SEC. To find out It shows.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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