Did you know there is such a thing as the Dogecoin Foundation? Personally, this was not something I was aware of, but seeing as how they have been relatively quiet over the past few months, that might explain why. The legal situation in regards to cryptocurrency (charities) in the US is very complicated, which also means the Dogecoin Foundation can’t be nearly as active as they would like to be.
One of the main aspects of the Dogecoin Foundation would be their involvement in fundraisers for charity and good causes. However due to the recent FinCen rulings on cryptocurrency in the US, conducting such “business΅ would label the Dogecoin Foundation as a money service business, and thus licenses and compliances have to be paid for.
While some may argue what the point of having a “centralized” foundation is, you have to keep in mind they face the exposure an an entity, rather than you as an individual. Plus, having an “official” representative is a key factor in regards to communication with regulators and other involved organizations.
So what is the Dogecoin Foundation currently working on, f their hands are tied in regards to participating in fundraisers? The Dogecoin Community Forums are being re-launched as we speak, and new software will be used. The new community forums will peacefully co-exist next to the Dogecoin Reddit page, but it will offer some features to track and file information which are not available on Reddit.
Furthermore, the Dogecoin Community Forums will act as a vehicle for internal communication between Foundation members. Thanks to using vBulletin for the re-launched forums, some annoying limitations in the previous software will no longer form a problem in this regard. Those of you who are interested in signing up to the new DOGE Community Forums can head on over to this website.
In other Dogecoin Foundation news, there have been ongoing talks with regulators in regards to running community initiatives without facing any legal repercussions. A submission has been made to legislative and regulatory initiatives, including the NYDFS and the UK Treasury RFC. An inquiry related to soliciting and collecting donations, as well as fundraising & crowd sales with cryptocurrency has been sent to FinCEN as well
The Dogecoin Foundation is in contact with a US exchange, which operates under the NYDFS guidelines, which may prove to be an option for restarting public fundraisers. The Foundation would act as a legal intermediary and legal shield for shibes. A potential business relation with the Yacuna exchange proves to be difficult, as they are only licensed for banking services in the EU.
As the cryptocurrency world remains to be monitored closely by FinCEN, the SEC and other financial/legal entities, the Dogecoin Foundation doesn’t want to risk investigations and trouble for themselves, nor any other DOGE community members. For now, things will have to remain in the current state they are in now, even though the FOundation is anxious to do more legwork.