2023-11-02T10:09:13-05:00 2022-12-31 582676261 Rogers & Company PLLC 8300 Boone Boulevard Suite 600 Vienna VA 22182 990 2022-01-01 871014079 DeFi Education Fund DEFI 2028188694 1155 F Street NW STE 300 Washington DC 20004 Miller Whitehouse-Levine Chief Executive Officer 2028188694 2023-10-30 1 Miller Whitehouse-Levine XXX-XX-XXXX 1 Yong Zhang CPA P01249785 7038930300 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z X Miller Whitehouse-Levine 1155 F Street NW STE 300 Washington DC 20004 0 0 X www.defieducationfund.org X 2021 VA See Part III, Line 1. 5 5 6 5 0 0 20680000 0 0 0 -141499 0 166 0 20538667 0 289575 610542 0 0 119356 582869 0 0 19398 513049 2282352 921980 3475763 19616687 -3475763 18078313 8723243 153840 350505 17924473 8372738 X The DeFi Education Fund is a nonpartisan research and advocacy group working to explain the benefits of DeFi, achieve regulatory clarity for the future of the global digital economy, and help realize the transformative potential of DeFi for everyone. 0 0 783326 610542 Grants to Other Organizations: The DeFi Education Fund grants and releases funds over a pre-determined schedule which spans multiple years.please see schedule O for additional details. 973480 Lobbying Activities: Continuing our efforts that began in later 2021, in 2022 the DeFi Education Fund continued its Congressional lobbying efforts, focusing on explaining not only how decentralized finance ("DeFi") works, but also the benefits that can be achieved with sensible regulatory frameworks and policy. In 2022, while our efforts primarily centered on educating policymakers about the novel technology, we also met with specific members of Congress and committees of jurisdiction to discuss the potential impact of key pieces of legislation that were being debated. please see schedule O for additional details.During these discussions, we walked through how a consumer accesses and interacts with DeFi front-ends and protocols, using these presentations to demonstrate how regulations could apply to DeFi as well as showcase how certain proposed regulatory frameworks could inhibit DeFi from functioning as it was envisioned.In 2022, we were able to continue to make aware to policymakers that DeFi functions in fundamentally different ways than its centralized counterparts and therefore, why it needs a tailored regulatory regime. 447315 Public Relations: Similar to 2021, our public relations efforts in 2022 focused on how to best explain decentralized finance ("DeFi") to policymakers, journalists and the general public. In 2022, we expanded our public relations efforts and hired a Communications Manager who was focused on continuing to build relationships with key stakeholders as well as how best to position the DeFi Education Fund as a subject matter expert in the field of DeFi policy. In 2022, we also expanded our thought-leadership work and participated in high-profile industry events as well as writing and securing op-ed placements in publications that reach not only the crypto community, but also those in the policy space. please see schedule O for additional details.In 2022, we were able to further relationships with, and contribute to articles in high-profile publications such as The Wall Street Journal, The New York Times, POLITICO, Fortune, Reuters, TIME and Business Insider. 360903 Policy Research: In 2021, we embarked on a project to analyze the Policy objectives of existing financial regulatory regimes in order to 1) understand the objectives of existing rules and regulations and 2) Determine the extent to which those objectives are inherently vindicated by the functionality of decentralized finance protocols. Separately, we also helped coordinate a group of DeFi users and enthusiasts to draft "principles" for developers and users of DeFi protocols. The intent of the draft principles is to begin laying the foundations for self-policing in DeFi, an issue that became more acute in 2022. 205180 Policy Litigation 566083 2770204 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 14 0 1 6 1 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 X Miller Whitehouse-Levine 2028188694 1155 F Street NW STE 300 Washington DC 20004 Marc Boiron Board of Directors, President 3.00 X X 0 0 0 Rebecca Rettig Board of Directors 3.00 X 0 0 0 Jake Chervinsky Board of Directors 2.00 X 0 0 0 Katie Biber Secretary 2.00 X X 0 0 0 Larry Sukernik Treasurer 2.00 X X 0 0 0 Miller Whitehouse-Levine Chief Executive Officer 40.00 X 237951 0 5296 Amanda Flournoy Grants Director 40.00 X 149991 0 11117 387942 0 16413 7 0 1 0 Elmendorf Strategies LLC dba Team Subjec 1201 New York Avenue NW Suite 900 Washington DC 20005 Lobbyist 250000 Federal Hall Policy Advisors LLC 1455 Pennsylvania Ave NW Washington DC 20004 Lobbyist 200000 Goldstein Policy Solutions LLC 1445 Church Street NW Apt 32 Washington DC 20005 Lobbyist 200000 Sullivan & Cromwell LLP 125 Broad Street New York NY 100042498 Policy litigation 177016 Graham Edward Newhall 218 Adelphi St Brooklyn NY 11205 Public relations 150000 5 0 0 0 0 610542 610542 394629 330327 51760 12542 146023 126063 14781 5179 4552 4552 37665 33198 3263 1204 118349 36288 82061 65529 65529 880155 880155 239712 48000 191712 317353 301858 15495 3887 3887 30608 11141 19467 21813 21813 42779 15567 26739 473 166555 166555 Policy research/impleme 203778 203778 Policy litigation 173287 173287 Recruiting 8711 8711 Trading and transaction 6533 6533 3303 3303 3475763 2770204 686161 19398 4711 200933 148035 146249 17729345 8572283 18078313 8723243 153840 350505 153840 350505 X 17924473 8372738 17924473 8372738 18078313 8723243 X -3475763 -3464119 -2611853 X 0 0 0 0 Multi-Sig UNI 10326872 Multi-Sig USDC 5995849 Coinbase USDC 8024 Deposits 5145 Coinbase SOL 1 Other current assets 1351 Coinbase UNI 2043 Allowance for UNI Impairment -7767002 8572283 1 Cato Institute 1000 Massachusetts Ave NW Washington DC 20001 237432162 501(c)(3) 125000 0 The grant will be used to support a fellow program at Cato's Center for Monetaryand Financial Alternatives focused on decentralized finance (DeFi) with the goal of building a new generation of researchers focused on DeFi by giving individuals the opportunity to study the space. Fight for the Future Inc PO Box 55071 Boston MA 02205 452852041 501(c)(4) 375876 0 The grant will be used to support the organization's lobbying and grassroots campaign efforts around decentralized finance (DeFi). Fight for the Future will build in-house capacity through its existing team to engage on crypto and DeFi policy issues. Kamal Hubbard (Cards Coins & Comix LLC) 25200 Carlos Bee Blvd 409 Hayward CA 94542 814222914 LLC 9416 0 The grant will be used to support an advocacy and educational tour throughout the U.S. to engage with lawmakers, school officials, and STEM focused nonprofits that serve black populations to inform them on what decentralized finance (DeFi) is and why it has the ability to bring greater financial equity to a community that has been historically shut out of the legacy financial system. Mercatus Center Inc 3434 Washington Blvd 4th Floor Arlington VA 22201 541436224 501(c)(3) 62500 0 The grant will be used to support a fellowship program focused on decentralized finance (DeFi) with the goal of building the first generation of researchers focused on DeFi and studying the policy implications of DeFi. The Woodrow Wilson International Center for Scholars One Woodrow Wilson Plaza 1300 Pennsylvania Avenue NW Washington DC 20004 521067541 Gov't 31250 0 The grant will be used to support the Wilson Center as they host a fellow to work on decentralized finance (DeFi) related projects. 2 3 Part I, Line 2: The Organization requires grant proposals to include information including: 1) how the proposed funding advances the mission of the DeFi Education Fund, 2) information about the individuals and their experience who would be working on the proposed project, 3) a breakdown of how and when the proposed funding would be used to accomplish the objectives of the proposal. The organization reviews grant proposals for the following criteria: 1) relevance to the DeFi Education Fund's mission, 2) viability And impact of the proposal, 3) the cost effectiveness of the proposal, 4) whether the proposing organization or individual is well-equipped to complete the objectives of the proposal, and 5) whether the completion timeline of the proposal would make it relevant and impactful to the Organization's work. Once the DeFi Education Fund determines that it will fund a grant, payments are structured over the lifetime of the project to ensure grantees are meeting expected deadlines and to minimize risk to the Organization's assets should grantees not be. Once a grant is completed, the DeFi Education Fund collects and documents grantees' activities and use of funds. For significant grants and those will long project timelines, the DeFi Education Fund predicates grant payments on the receipt and review of written status reports detailing the grantee's progress on a funded proposal. The DeFi Education Fund employs a dedicated grants director responsible for ensuring grantees meet the terms of their grant agreements over the course of funded proposals. X X X 0 0 0 0 0 0 0 0 0 Miller Whitehouse-Levine Chief Executive Officer 217951 0 20000 0 0 0 0 0 5296 0 243247 0 0 0 Amanda Flournoy Grants Director 149991 0 0 0 0 0 0 0 11117 0 161108 0 0 0 Form 990, Part VI, Section A, line 8b DeFi Education Fund did not form any committee with the authority to act on behalf of the governing body. Form 990, Part VI, Section B, line 11b Review will be conducted by the Board of Directors, Officers, and Organizational Counsel during a zoom meeting of the Board before the return is filed with the IRS. Form 990, Part VI, Section B, line 12c The Organization's Directors and Officers ("interested persons") must comply with the DeFi Education Fund's conflict of interest policy as delineated in the DeFi Education Fund's bylaws. Duty to disclose. In connection with any actual or possible conflict of interest, an interested person must disclose the existence and nature of their interest and may be given, in the discretion of the board of Directors, the opportunity to disclose all material facts to the Board of Directors or the appropriate committee to which the Board of Directors has delegated the power to consider whether a conflict of interest exists. Determining whether a conflict of interest exists. After disclosure of the interest and all material facts by the interested person, and after any discussion with the interested person, the interested person will leave the Board of Directors or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining disinterested directors or committee members will decide if an actual conflict of interest exists and determine whether the transaction or arrangement is approved. Procedures for addressing the conflict of interest. After exercising due diligence, the Board of Directors or committee will determine whether the fund can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the Board of Directors or committee will determine by a majority vote of the disinterested directors or committee members whether the transaction or arrangement is in the fund's best interest and for the fund's own benefit and whether the transaction is fair and reasonable to the fund. The Board of Directors or the committee will be required to make its decision as to whether to enter into the transaction or arrangement in conformity with such determination. The chairperson of the Board of Directors or the Chairperson of the committee may, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. The Secretary will make a part of the meeting minutes of the Board of Directors or the committee the Board of Director's consideration of any conflict of interest. Compensation. A voting member of the Board of Directors or any committee thereof who receives compensation, directly or indirectly, from the fund for services is precluded from voting on matters pertaining to that individual's compensation. Failure to disclose. If the Board of Directors or committee has reasonable cause to believe that an officer or director has failed to disclose an actual or possible financial interest, the Board of Directors will inform that individual of the basis for such belief and afford that individual an opportunity to explain the alleged failure to disclose. If, after hearing the response and making such further investigation as may be warranted under the circumstances, the Board of Directors or committee determines That the individual has failed to disclose an actual or possible financial interest, the Board of Directors will take appropriate disciplinary and corrective action. Use of independent persons. In the event that fund is unable to constitute a quorum of independent directors to consider an interest, the Board of Directors should constitute a committee of independent persons to advise on the contemplated transaction. Loans to directors and officers prohibited. No loans may be made by the fund to its directors or officers. Any directors voting for or assenting to the making of any loan to a director or officer, which is prohibited by applicable law, and any director or officer participating in the making thereof, will be jointly and severally liable to the fund for the amount of such loan until repayment thereof. Form 990, Part VI, Section B, line 15a In determining the salary of the Policy Director, the Board of Directors reviewed the pay of key employees at similarly situated 501(c)(4) organizations and set compensation for the Policy Director based on the findings of this review and in light of the Policy Director's experience and the Organization's needs. Form 990, Part VI, Section C, line 19 In 2022, The Organization disclosed on its blog its estimated expenditures for each month of its operations. No other documents were made available on its website in 2022. Form 990, Part XI, line 9: Impairment expense -2,611,853.