Indeed, this discourse has become circular.
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It is not accurate to denominate voting power as United States Dollars (USD), as stated above. It is denominated as ENS, per the Term 5 compensation guidelines. Voting power is a form of non-monetary compensation which grants recipients the option to:
- Directly exercise or delegate voting power.
- Exchange voting power for other assets, such as ETH, USDC, and yes, even greenbacks.
There is an explicit difference between interpreting governance distribution events as a Capital Gains Tax (CGT) event and understanding them for what they primarily are: the DAO’s mechanism to decentralize the ENS Protocol. This discussion should focus on deriving the procedures through which we can further reinforce this mechanism, rather than interpreting these events purely in terms of monetary implications.