Do you think DAOs could replace the funding portals and investment crowdfunding?
Yes to funding portals (and probably should) and no to replacing investment crowdfunding. Rather, DAOs will most likely use investment crowdfunding to fund its projects.
It seems that Tennessee is now joining Wyoming as two states that allow DAOs to be formed as LLCs in their states.
If this is going to be a continued trend, then perhaps the CfPA could help issuers look at the pros and cons of using a DAO vs a FINRA approved investment portal?
Well, those individuals raising capital - even through a DAO - will need to find an exemption for that capital raise (i.e. Reg A+, Reg D, or Reg CF). However, if they raise capital through Reg CF - then a regulated crowdfunding portal will still be needed. Thus, an additional question could be: can a registered crowdfunding portal be structured as a DAO?