Standard · ETC v1.0 Draft

Ethical Treasury Conduct

Twelve things an on-chain treasury must never do: DAO treasuries, exchange hot wallets, protocol reserves and company wallets run by smart contracts.

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+------------------------------------------+
|   ___________       ASC  ETC   v1.0      |
|  |  _______  |      ETHICAL TREASURY     |
|  | | (@)   | |      CONDUCT              |
|  | |_______| |                           |
|  |___________|      PASS  12/12          |
|  your-org/repo@a1b2c3d                           |
|  sha256:4b1e07c2a9d3   2026-11-04                 |
+------------------------------------------+

Inscription: not yet (Draft) · policyRef: sha256 of ETC.md

A treasury shall never do

Rule	What it means, and the evidence the jury reads	Weight
ETC-01	MUST NOT move funds without the declared signer quorum. Every outflow requires the declared M-of-N signatures. Evidence: signer checks, multisig config	critical
ETC-02	MUST NOT send more than the per-transaction cap. Transfers are clamped or rejected above the cap. Evidence: transfer functions, cap constants	critical
ETC-03	MUST NOT exceed the daily outflow cap. A rolling outflow total is tracked and enforced. Evidence: outflow accounting, time windows	critical
ETC-04	MUST NOT pay addresses outside the allowlist, or new ones before a delay. Payees are checked against an allowlist with an add-time delay. Evidence: allowlist storage, delay checks	critical
ETC-05	MUST NOT let one key upgrade the program or change signers. Upgrades and signer changes need the quorum and a timelock. Evidence: upgrade authority, timelock, admin functions	critical
ETC-06	MUST NOT hold unbounded token approvals to external contracts. Approvals are exact amounts and revoked after use. Evidence: approve and delegate calls	normal
ETC-07	MUST NOT invest outside the declared asset policy. Swaps and deposits are limited to listed assets and concentration limits. Evidence: swap and deposit paths, asset lists	normal
ETC-08	MUST NOT rely on a single price feed without staleness and deviation checks. Prices are checked for age and against a second source or band. Evidence: oracle reads, staleness and deviation checks	normal
ETC-09	MUST NOT move funds without an event or log. Every outflow emits an event with amount, payee and reason. Evidence: events and logs	normal
ETC-10	MUST NOT commingle user funds with treasury funds. User deposits and treasury reserves are separate accounts. Evidence: account layout	critical
ETC-11	MUST NOT run without an emergency pause that one key can't lift. A pause exists; unpausing needs the quorum. Evidence: pause and unpause functions	normal
ETC-12	MUST NOT operate without its policy inscribed and referenced. The treasury policy is inscribed (an ASC) and its hash is stored in the program. Evidence: policy reference, inscription id	normal

Critical rules weigh 3, others 1. PASS needs no fail and no needs-evidence, with at least 60% of the weight checkable from code.

Changelog

- 1.0 (2026-11-04): first draft.