The Governance Facilitators and dewiz have placed an out-of-schedule executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works.

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Executive Summary

If this executive proposal passes, the following changes will occur within the Maker Protocol:

• A DAO Resolution pertaining to RWA014-A (Coinbase Custody) will be approved, as detailed below.

Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.

Unless otherwise noted, the changes and additions listed above are subject to the GSM Pause Delay. This means that if this executive proposal passes, the changes and additions listed above will only become active in the Maker Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to 48 hours.

If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Maker Protocol.

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Proposal Details

RWA014-A (Coinbase Custody) DAO Resolution

As per this forum post from the Stability Scope Responsible Facilitators, detailing the rationale for this out-of-schedule executive proposal under MIP24, approval of this executive proposal will signal Maker Governance's agreement to the following DAO Resolution to James Asset Trust 3, if this executive proposal passes.

The DAO Resolution may be seen on IPFS here.

The IPFS hash has been added to the executive spell code as a constant in order to provide added clarity of the on chain approval.

The raw text of the resolution is provided below for clarity:

MAKERDAO RESOLUTION

Date: Dated as of related Executive Vote on MakerDAO
No: X
Purpose: WITHDRAWAL PROCESS OF USDC FROM COINBASE CUSTODY

Reference is made to the James Asset Trust 3 declaration of trust (the “Declaration of
Trust”) pursuant to which James Asset PTC Limited (the “Trustee”) created a trust (the
“Trust”). Capitalised terms used herein and not otherwise defined shall have the
meaning given to them in the Declaration of Trust.

This resolution sets out the instructions and ratifications of the Deciding Persons duly
passed as an executed executive vote on the “Maker Governance Voting Portal” in
accordance with the governance protocols of the MakerDAO on the date specified
above.

This provides instructions and ratifications for the Trustee on behalf of the Beneficiaries.

The Beneficiaries hereby request and ratify the Trustee (in its capacity as trustee of the
Trust) following sequential set of Actions:

These steps outcome must be documented via screen-prints on an appointed
Clydesdale Discord Transaction Channel (ClydesdaleC) appointed by Monetalis Services
Limited (“MSL”) to Trustee Director and Trustee Administrator:

1. This Instruction is in effect until such time an instruction is issued to terminate.

2. MSL will, from time to time, make a forum post requesting the Trustee Director
to make a transfer of USDC from Coinbase Custody to either

RWA014_A_INPUT_CONDUIT_URN:
0x6B86bA08Bd7796464cEa758061Ac173D0268cf49 ; or
RWA014_A_INPUT_CONDUIT_JAR:
0x391470cD3D8307AdC051d878A95Fa9459F800Dbc..
or accept a transfer of USDC and deposit with Coinbase Custody.

3. The requested transaction in 2. must be within the following limitations and
requirements, and this must be evidenced in the forum post in 2.:

a. A transfer of USDC into Coinbase Custody is only allowed under
circumstances where the PSM and GUNI pools USDC content together
exceed a sum of USDC 500M in aggregate. And the transfer sum should
only cause the PSM and GUNI pools USDC content to decrease to a sum
of USDC 400M in aggregate.

b. A transfer from Coinbase Custody to the eth addresses in 2. are only
allowed if the PSM and GUNi pools USDC content, sum, in aggregate, to
less than USDC 300M. And the transfer sum should only cause the PSM
and GUNI pools USDC content to sum, in aggregate, to USDC 400M

4. MSL will email and call the Trustee director to alert the Trustee of the Forum
post.

5. The Trustee director must review the Forum post and only if the forum post
request conforms to the limitations and requirements in 3. may the Trustee
director move forward to execute the next steps in this instruction set,

6. The Trustee director must initiate the requested withdrawal from, or deposit
into, Coinbase Custody, and provide MSL with screen-print evidence of the
transaction.

During implementation of Instructions, provide weekly documentation and confirmation
of progress and completions to the Reporting Agent.

All delays, concerns, instruction ambiguity or failures to follow instructions must be
immediately reported to the Reporting Agent via email.

Review

Community debate on these topics can be found on the MakerDAO Governance forum. Please review any linked threads to inform your position before voting.

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Resources

Additional information about the Governance process can be found in the Maker Operational Manual.

To add current and upcoming votes to your calendar, please see the MakerDAO Governance Calendar.