The Uniswap Foundation, a well-funded nonprofit organization focused on growing and decentralizing the Uniswap protocol, has announced a new legal proposal. According to the proposal, the Uniswap Governance will adopt a Wyoming-registered Decentralized Unincorporated Nonprofit Association (DUNA) as the legal structure.
The new legal entity dubbed DUNI will enable the Uniswap Protocol to retain its decentralized governance and still achieve legal clarity. Furthermore, mainstream adoption of decentralized financial (DeFi) in the past year has been catalyzed by clear regulatory frameworks in the United States among other major jurisdictions.
“Establishing Uniswap Governance as a DUNA would bolster critical limited liability protections for governance participants. This step is intended to protect governance participants from potential personal exposure to possible legal or tax liabilities stemming from the collective action taken by Uniswap Governance,” the announcement highlighted.
The proposal for a legal entity to enhance the Uniswap Governance will ultimately impact the Uniswap protocol including the UNI token. Furthermore, the proposal highlighted that $16.5 million worth of UNI will be transferred to a DUNI-owned wallet to facilitate its legal defense and tax compliance budget.
Wyoming Senator Cynthia Lummis welcomed the Uniswap protocol and commended the state legislature for setting up clear crypto regulations.
Following the announcement, UNI price gained around 2 percent in the past 24 hours to trade at about $11.17 on Monday during the late North American session. The mid-cap altcoin, with a fully diluted valuation of about $11 billion, has since gained over 14 percent in the past seven days after a confirmed rebound from the 50 and 200-weekly Moving Averages (MA).
From a technical analysis standpoint, UNI price is well-positioned to rally at least 100 percent in the coming weeks. Moreover, the UNI/USD pair in the daily timeframe has formed an inverted head and shoulders (H&S) pattern, which has a midterm target of around $20.
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