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Withdraw ₳5M for Cardano's Global Listing Expansion - Powered by Snek

System1y ago1 post
DReps 186SPOs 0CC 7

7 of 7 committee members voted

  • Cardano Atlantic Council07e0eb70…5bde
    NoResigned · term ends epoch 580Rationale

    This Treasury Withdrawal, as written, is Unconstitutional

    Article IV, Section 3 of the Cardano Constitution states:

    No withdrawals from the Cardano Blockchain treasury shall be permitted unless such withdrawals have been authorized and are being made pursuant to a budget for the Cardano Blockchain that is then in effect as required by the Cardano Blockchain Guardrails Appendix, and which has not been determined by the Constitutional Committee to be unconstitutional.

    Given that this Treasury Withdrawal has been made without an actively approved budget action as specified in Article IV, we must find this proposal Unconstitutional.

  • Cardano Foundation6796d87d…c280
    NoExpired · term ends epoch 580Rationale

    The proposed Treasury Withdrawal Governance Action “Withdraw ₳5M for Cardano's Global Listing Expansion - Powered by Snek” is unconstitutional.

    A PDF version of this rationale is also made available.

    This Treasury Withdrawal governance action (gov_action1r44w54hx553mz0sr4cc07f8tlxzj2sa57l2pt3l9pa2ldw42fc7sq5q3rtn) proposes a direct withdrawal of 5,000,000 ada from the treasury to fund the listing of the SNEK token on major centralized exchanges. While the strategic rationale is detailed, the action itself contradicts the two-step process for treasury funding required in the Cardano Constitution.

    Constitutional Violation

    The proposal is unconstitutional based on a single, definitive violation:

    1. Article IV, Section 3 & Appendix I, Guardrail TREASURY-04a (Absence of an Approved Budget): The Constitution mandates a clear, two-step process for accessing treasury funds: first, a budget must be proposed and approved via an Info Action; second, withdrawals can be made against that active budget. This treasury withdrawal governance action does not have an approved budget in place covering this withdrawal.
    • Article IV, Section 3 states:
      "No withdrawals from the Cardano Blockchain treasury shall be permitted unless such withdrawals have been authorized and are being made pursuant to a budget for the Cardano Blockchain that is then in effect..."
    • Appendix I, Guardrail TREASURY-04a reinforces this:
      "...Withdrawals from the Cardano Blockchain treasury must not be ratified until there is a Cardano Community approved Cardano Blockchain ecosystem budget then in effect pursuant to a previous on-chain governance action..."

    Due to non-compliance with constitutional provisions under Articles IV and Appendix I, this Treasury Withdrawal Governance Action is Unconstitutional.

  • Cardano Japan Council (ICC)4012cab5…0755
    NoExpired · term ends epoch 580Rationale

    Cardano Global Listing Expansion - Powered by Snek --> Unconstitutional

    We have concluded that this Governance Action is unconstitutional under the Cardano Constitution, primarily in relation to Article IV, Section 4, which requires clear provisions for independent auditing and transparent budget management of treasury withdrawals. The proposal fails to provide a sufficient budget breakdown and financial transparency. Without clear allocation or detailed expenditure plans, it does not meet the standards of accountability required for a constitutional treasury withdrawal action. Moreover, this action does not explicitly designate any external audit entity, nor does it establish a binding framework for independent oversight, which constitutes a violation of Article IV, Section 4 that explicitly requires the establishment of independent audits. In addition, the action has been submitted as a Treasury Withdrawal Governance Action (TWGA) despite lacking essential details, with indications from the proposer that it may need to be resubmitted. Such a premature submission confirms the absence of readiness and completeness. We believe that these missing elements should have been reviewed and corrected at the Info Action stage before being submitted as a Governance Action.

  • Eastern Cardano Council2ea7a78e…10ec
    NoExpired · term ends epoch 580Rationale

    We have determined that this treasury withdrawal governance action is unconstitutional.

    Article IV, Section 3 of the Cardano Constitution states "No withdrawals from the Cardano Blockchain treasury shall be permitted unless such withdrawals have been authorized and are being made pursuant to a budget for the Cardano Blockchain that is then in effect as required by the Cardano Blockchain Guardrails Appendix, and which has not been determined by the Constitutional Committee to be unconstitutional."

    The governance action with ID "gov_action1r44...5q3rtn" and title "Withdraw ₳5M for Cardano's Global Listing Expansion - Powered by Snek", has no corresponding budget Info governance action associated with it.

    Therefore we find this governance action Unconstitutional.

    This governance action does not sufficiently fulfil the criteria specified for treasury withdrawals in the Cardano Constitution, so is deemed unconstitutional.

  • Emurgodc2b0706…89b8
    NoExpired · term ends epoch 580Rationale

    EMURGO as a Constitutional Committee member determines that the governance action titled "Withdraw ₳5M for Cardano's Global Listing Expansion - Powered by Snek" is Unconstitutional.

    Article IV, Section 3 of the Cardano Constitution states:

    "No withdrawals from the Cardano Blockchain treasury shall be permitted unless such withdrawals have been authorized and are being made pursuant to a budget for the Cardano Blockchain that is then in effect as required by the Cardano Blockchain Guardrails Appendix, and which has not been determined by the Constitutional Committee to be unconstitutional."

    This proposal is not accompanied by any budget Info action that authorizes the requested withdrawal.

    As this requirement is not met, EMURGO determines this treasury withdrawal governance action to be Unconstitutional.

  • Input | Output3c9ebce6…1e4c
    NoExpired · term ends epoch 580Rationale

    Input | Output finds “Withdraw ₳5M for Cardano's Global Listing Expansion - Powered by Snek” unconstitutional.

    The Cardano Constitution prohibits Treasury Withdrawal Actions that are not authorized by a previously approved budget Info Action (Article IV, Section 3; Appendix I, TREASURY-04a). The Treasury Withdrawal action under consideration is not authorized by any previously approved budget Info Action, thus violating Article IV, Section 3 and guardrail TREASURY-04a of the Cardano Constitution.

    We hope it will be helpful to highlight some other major components the action’s authors should consider:

    • Explicitly allocate funding for independent audits and oversight metrics. Any governance action requesting ada must include a funding allocation for periodic independent audits and oversight metrics (Article IV, Section 4).
    • Name the administrator of the previously approved budget. Budgets must specify the oversight process and designate one or more administrators; the withdrawal should point to that budget detail (Article IV, Section 2).
    • Articulate compliance with constitutional requirements for the custody of ada received. If an administrator will hold ada prior to disbursement, it must be in separate, auditable accounts, not delegated to an SPO and delegated to the auto-abstain DRep (Article IV, Section 5).

    We hope that the Snek team will consider renewing their proposal with DReps, following constitutional procedures.

  • Intersect Constitutional Council85c47dd4…bf64
    NoExpired · term ends epoch 580Rationale

    The Intersect Constitutional Council votes the treasury withdrawal governance action, “1d6aea56e6a523...4e3d#0”, to be unconstitutional.

    This is the second of two governance actions submitted on August 2 2025 requesting a treasury withdrawal of 5 million ada. These treasury withdrawal actions were submitted without a previously approved budget info action as mandated by Article IV Section 3. “No withdrawals from the Cardano Blockchain treasury shall be permitted unless such withdrawals have been authorized and are being made pursuant to a budget for the Cardano Blockchain that is then in effect as required by the Cardano Blockchain Guardrails Appendix, and which has not been determined by the Constitutional Committee to be unconstitutional.” This immediately renders both actions unconstitutional but there were other areas where the proposals failed and we outline those areas here to help inform the proposers ahead of any future proposals that they may be considering to put forth.

    This second proposal was submitted almost an hour after the first proposal and appears to have been submitted in order to fix an error in the previous proposal where 5 ada had been entered as the on-chain amount requested instead of 5 million ada. The Council’s rationale for the previous proposal noted that the probable cause for this was a mix up between ada and lovelace denominations of value when entered on-chain.

    The proposal contains a section titled “Governance and Oversight” and lists a “Board of Advisors” along with their responsibilities, however it fails to “specify a process for overseeing use of funds from Cardano Blockchain treasury withdrawals including designating one or more administrators who shall be responsible for such oversight” as mandated by Article IV Section 2.

    The Intersect Constitutional Council considers this governance action to be unconstitutional.