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Cardano Atlantic Council

We find this governance action, as proposed, to be constitutional.

Input | Output

Input Output finds "Withdraw ₳15,750,000 for a MBO for the Cardano ecosystem: Intersect" constitutional, fulfilling all requirements for a Treasury Withdrawal Action.

Eastern Cardano Council

We have determined that this treasury withdrawal governance action is constitutional.

Cardano Foundation

All 39 Treasury Withdrawal Governance Actions listed below, submitted under the approved "2025 Cardano Blockchain Ecosystem Budget", have been reviewed and are found to be Constitutional. This rationale details the constitutional framework and the verification methodology applied to each action.

Intersect Constitutional Council

The Intersect Constitutional Council votes the treasury withdrawal governance action **“8ad3d454f3496a35cb0d07b0fd32f687f66338b7d60e787fc0a22939e5d8833e#21”** to be **constitutional**.

Emurgo

EMURGO, as a member of the ICC, votes YES on the governance action to fund this treasury withdrawal, concluding it is constitutional based on the rationale below.

Cardano Japan Council

39 Treasury Withdrawals – Constitutional

This treasury withdrawal funds **A member-based organization for the Cardano ecosystem: Intersect** which will provide the following services:

Intersect exists to serve as a neutral, nonprofit coordination layer that bridges decentralized governance and decentralized infrastructure. Our mission is not to direct the network, but to enable it. By stewarding core systems, supporting community-led processes, and facilitating safe, transparent delivery.

Specifically, this proposal will fund Intersect to:

- Steward core infrastructure

- Execute the Administrator role

- Support participation and coordination

- Facilitate roadmap and budget processes

- Expand ecosystem capacity

Note: Intersect's original proposal submitted early in the off-chain process was updated after recent leadership changes. However, this proposal reflects the approved Budget Info Action and new strategic direction.

This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

Withdraw ₳15,750,000 for a MBO for the Cardano ecosystem: Intersect

The vote for this withdrawal is NO. Details can be found in the rationale.

A couple of months ago, I supported the resolution to bundle all of the Intersect Budget Proposals into 1 or 2 formal on-chain governance votes.

Each of these proposals has already received 50% or greater support from the active DReps in the ecosystem, and I will honor that prior decision.

In alignment with my voting on the 2025 Cardano Budget Reconciliation process through Ekklesia platform, I support this withdrawal and therefore vote YES.

This document provides an aggregate rationale for the Cardano Foundation DRep’s votes on all Treasury Withdrawal GAs stemming from the approved “Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect” (gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh).

Believe open source driven ecosystem evolution does not need stewardship. The market will choose winners and loosers.

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