The concerns raised by Ken Griffin in “A Billionaire Explains Why He Bought Constitution” (Personal Journal, Aug. 10), particularly regarding the fiduciary responsibilities of decentralized autonomous organizations (DAOs), are misguided.
In the lead-up to the auction, as the fiscal sponsor of the ConstitutionDAO project, our organization, Endaoment, prepared specific language and legal provisions in our partnership to ensure the safety and care of the Constitution if our bid was successful. In fact, we ultimately didn’t put forward our maximum bid precisely because we took seriously our obligation to have remaining funds available for properly storing and insuring the document before transferring it for display. The idea that we wouldn’t have been able to adequately take care of the Constitution demeans the efforts of thousands of Americans who came together to form this group, as well as the professional assessment of Sotheby’s to verify bidders.