5 June 2025 - Intersect Board Meeting - Special Session
Overview
This special session focussed on the upcoming withdrawal poll set to begin, highlighting current voter approval rates and preferred options for treasury withdrawals. The board engaged in extensive discussions to clarify poll options and simplify communication to the community, ultimately deciding to revise one option to a true single withdrawal format, while maintaining other viable choices. Updates on the successful Valencia workshop, ongoing smart contract developments, and the governance structure of Cayman Digital Holdings were also presented, with the board approving a reduced operational security expenditure and discussing necessary legal changes. Administrative updates included coordination with Copper and IRS filings, alongside planning for the upcoming Rare Evo event.
Attendees:
1
IOG
Gerard Moroney
2
Membership
Kavinda Kariyapperuma
3
Membership
Adam Rusch
4
Education
Steven Lupien
5
Shunsuke Murasaki
6
Intersect Executive Team
Jack Briggs
7
Intersect Executive Team
Nick Cook
Proceedings
1. Withdrawal Poll & Recommendations
On withdrawal poll - Poll will run through Monday June 9th evening to inform Intersect decision-making. Currently at 38% approval from voters, with CF and other top D-reps expected to vote soon.
Discussion about poll options was had for treasury withdrawals, with IOG preferring one or two withdrawals.
Board debated between "single" vs "two" withdrawal options and how to present options to community. Decision to revise Option A to be a true single withdrawal (omnibus) option.
2. Poll Structure & Revisions
Steven Lupien suggested simplifying poll to focus on key issues: granularity vs. business assurance.
Decision to keep coordination effort and governance stability columns despite some debate - Adam Rush suggested changes to wording to clarify the options.
Agreement arrived at to remove Option D as presented and maintain other options to give the community proper choices.
Jack Briggs to update the poll document based on feedback before deployment.
3. Valencia Workshop & Smart Contract updates
Nick Cook reported successful Valencia workshop with IOG team.
Weekly calls established with IOG legal team to enhance coordination.
Smart Contract framework development progressing with Cerberus and Sunday Labs.
Plans for staggered rollout of Smart Contract framework with opt-in proposals.
Discussion of oversight committee structure for Smart Contract governance was had.
Five key holders identified: Intersect, Cerberus, Sunday Labs, Pragma, and CF.
4. CDH Delegation & Governance
Update shared on Cayman Digital Holdings (CDH) governance structure.
Explored adding directors but found significant personal legal/tax implications - Marc Piano remains sole director with updated administration contract. Recommendation was made to add an independent second director based in Caymans.
Discussion took place on multi-sig approach and transparency measures.
Motion passed to delegate authority to Jack Briggs for signing CDH contracts for proposals.
5. Legal Counsel & Operational Security
Nick Cook reported on change of legal counsel at Holland and Hart.
New lawyer assigned to Intersect following previous counsel's relocation.
Steven Lupien requested meeting with new attorney before formal engagement.
Jack Briggs presented revised operational security proposal.
6. Administrative Updates
Nick Cook reported on upcoming meeting with Copper regarding their ADA delegation.
It was stated that Wyoming state filing needs to be submitted with confirmation of officers.
IRS tax submission planned within the next month to reclaim $453,000 in tax.
First PTU person rolling off next month as part of transition plan.
7. Rare Evo Planning & Meeting Schedule
Adam Rusch requested board meetup at Rare Evo event.
Discussion on travel arrangements and accommodations.
Gerard Moroney suggested public AMA or community chat during the event.
Jack Briggs to coordinate travel support for board members.
Decision was made to meet again in two weeks rather than the following week.
Actions Items
Jack Briggs
Update withdrawal poll document with revised options and clarified language.
Draft letter for board approval regarding delegation of authority to sign CDH contracts.
Coordinate travel arrangements for board members attending Rare Evo event.
Present ideas for sustainable future path for Intersect to the board.
Schedule next board meeting for two weeks from now.
Nick Cook
Arrange meeting with new Holland and Hart attorney for Steven Lupien.
Proceed with Global Guardian operational security engagement at $50,000.
Complete Wyoming state filing after confirmation of officers.
Schedule board meeting room at Rare Evo.
Gerard Moroney
Consult with Joel about whether operational security costs can be billed to CDH.
Review withdrawal poll options after the meeting and provide feedback.
Steven Lupien
Meet with new Holland and Hart attorney to discuss Intersect's legal needs.
Attend Rare Evo and participate in board meeting and community session.
Adam Rusch
Provide TAM update on ED recruitment at next meeting.
Coordinate with Jack Briggs on governance room at Rare Evo.
All Board Members
Email Jack Briggs with individual travel support needs for Rare Evo.
Participate in in-person board meeting at Rare Evo.
Consider participation in public AMA/community chat at Rare Evo.
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