Dear Cardano Community,
We recently cast a “Constitutional” vote on the governance action GA73 “Loan ₳5,000,000 to Expand Cardano’s Global Listings”
Link GA73 on GovTool: Cardano Govtool
Below is a link to the Github page where you can read the ECC’s full rationale.
## Summary
We have determined that this treasury withdrawal governance action is constitutional.
## Rationale Statement
The governance action with ID "gov_action1q0m8z7glm9cprucwf44hdjdfra8khnakpm3hu5ueh929hvljw4aqqzuxfxz" and title "Loan ₳5,000,000 to Expand Cardano's Global Listings" is a Treasury Withdrawal, so is subject to the following sections and guardrails in the Cardano Constitution.
ARTICLE III, Section 5 of the Cardano Constitution states "In order to promote transparency in the process of on-chain governance, prior to being recorded or enacted on-chain, all proposed governance actions are expected to follow a standardized and legible format including a URL and hash of all documented off-chain content to the Cardano Blockchain. Sufficient rationale shall be provided to justify the requested change to the Cardano Blockchain. The rationale shall include, at a minimum, a title, abstract, reason for the proposal, and relevant supporting materials. The content of every on-chain governance action must be identical to the final off-chain version of the proposed action."
This governance action includes a valid URL and hash, which matches the hash of the off-chain documentation referenced. The rationale also meets the minimum content specified in this section.
Additionally; ARTICLE IV, Section 3, Paragraph 1 states "Withdrawals from the Cardano Blockchain treasury that would cause the Cardano Blockchain treasury balance to violate the then applicable net change limit shall not be permitted."
The net change limit in effect at the time of submission of this vote on-chain, is the governance action with ID "gov_action1nd3t833j7v5sz65k3tp9yyvztw60sjcjgcgjr37682s3m7frwrusqmd2k80".
- A. Current NCL Amount: 350000000 ada
- B. Current NCL Time Period: Epoch 532 to epoch 604 (Inclusive)
- C. Total of Treasury Withdrawals within the Current NCL Time Period: 272031507 ada
- D. Amount of this Treasury Withdrawal: 5000000 ada
- E. “C” plus “D” = 277031507 ada
- F. “A” minus “E” = 72968493 ada
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The Constitution Committee (CC) - Eastern Cardano Council (ECC) assesses the constitutionality of governance actions based on the Cardano Constitution. However, if any Cardano community members have feedback or comments on the committee’s interpretation, we’d love to hear from you at any time using the Feedback Loop below;
Best regards,Eastern Cardano Council