The Lobby Lobster DAO is proving that crypto communities can be influential and successful. Most importantly, they will have a voice in the future of cryptocurrency regulations. It is no secret that governments across the world want to bring in stricter rules for cryptocurrencies.
In the United States, there is currently a $1 trillion infrastructure bill on the table. Proposed by the U.S. Senate, some of the provisions included in the bill include crypto tax reporting. Lobster DAO wants to have a say in this. They proposed revisions to the bill. Unfortunately, they rejected the revisions. However, that won’t stop the Lobby Lobster DAO.
Lobby Lobsters started as a Twitter discussion in August. Less than a month later, the lobsters went on sale, September 5th. The 10,000 NFT images proved highly successful. They sold out in less than half an hour. The NFT sales made almost 1000 ETH, a staggering $4 million at the time.
Things moved fast for the Lobster DAO. Firstly, on September 7th, they put a proposal forward to donate the entire 1000 ETH fund to Coin Center, the Washington non-profit organisation. Coin Center are focused on the policy issues facing cryptocurrencies in 2021. Next, there was a vote. However, the result was unanimous. 100% of the DAO voted in favour of the proposal.
Finally, with 1000 ETH involved, the Lobster DAO is backing Coin Center to deliver. Significantly, the money will allow Coin Center to expand, give it flexibility and evolve to meet the needs of U.S. crypto advocacy.
The owners of Lobby Lobsters are Universe. They plan to continue the fight and use secondary sales from the Lobsters to continue funding the effort.