Summary
This is basically a hedge. In the event that the DAO ever comes into a large sum of money, we need to be ready for taxes. Me and my wife found this out the hard way!
So, our rule of thumb now is: If you get a large sum of eth, convert half of it to USDC or fiat right away. That way, even if the price tanks, you’ll still have enough dollars to pay taxes.
Motivation
When we made 750 eth from selling out song a day, we didn’t do this, and we regret it. If, by some miracle, we make that much again on song #5000, I want to make sure I have the leeway to do this for tax season.
Proposal
I am seeking permission to convert 35% of our treasury into USDC. I would do this in consultation with our accountant and also the core DAO group who comes to the Tuesday meetings (3pmEST in the dao).
Team & Resources
No resources needed, just permission.