> For the complete documentation index, see [llms.txt](https://committees.docs.intersectmbo.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://committees.docs.intersectmbo.org/intersect-steering-committee/committee-meeting-notes/2026-meeting-notes/may-26-2026.md).
# May 26 2026
## Attendees:
| Name | Attendance | Role | Voting Seat (Y/N) |
| ---------------------------------------------------- | ---------- | ----------------------------- | ----------------- |
| [Simo Simovic](mailto:simo.simovic@intersectmbo.org) | Yes | Secretary | N |
| Jack Briggs | Yes | Executive Director | Y |
| James Meidinger | Yes | Community Member Seat | Y |
| Thiago Nunes | Yes | Community Member Seat | Y |
| Kristijan Kowalsky | Yes | Community Member Seat | Y |
| Jose Miguel de Gamboa | Yes | Community Member Seat | Y |
| Georg Link | No | OSC Chair | Y |
| Samuel Leathers | Yes | Product Chair | Y |
|
| No | MCC Chair | Y |
| Megan Hess | Yes | CBC Chair | Y |
| Kevin Hammond | Yes | TSC Chair | Y |
|
| No | GMC Chair | Y |
| Nicolas Cerny | Yes | CCC Chair | Y |
| Lorenzo Bruno | Yes | Head of Product & Membership | Y |
| Larisa Mcfarlane | Yes | Head of Ecosystem & Community | Y |
| Nick Cook | No | Head of Operations (Interim) | N |
| Bosko Majdanac | Yes | Secretary of TSC | N |
| Abhik Nag | Yes | Secretary of MCC | N |
| Lloyd Duhon | Yes | Secretary of Budget Committee | N |
| Terence McCutcheon | Yes | Secretary of OSC | N |
| Lara Bonasorte | Yes | Secretary of GMC | N |
| Thomas Lindseth | Yes | Secretary of CCC | N |
### Additional Attendees:
Adam Rusch - Member of the Board
Rand McHenry - Member of the Board
Mercy Fordwoo - Member of the Board
Ken-Erik Ølmheim - Vice Chair of Civics
Laura Mattiucci - Vice Chair of GMC
Sanjaya Wanigasekera - Vice Chair of GMC
Mike Hornan - Observer
Sheldon Hunt - Observer
## Agenda:
* Committee Updates
* Additional 1% stablecoins fee
* Bring independent audit to intersect (include in Admin offer from Intersect)
* Pentad v2
* Administration Services Revenue
* AOB
## Discussion/Actions
### 1. Opening & Agenda
The meeting opened with confirmation of quorum and attendance from ISC voting members, Board representatives, committee secretaries, and observers. The session focused on committee updates and broader governance and administration discussions between the ISC and Board representatives. Topics included treasury withdrawals, stablecoin administration services, audit and oversight processes, Pentad governance, and proposal evaluation support.
***
## 2. Committee Updates
* Growth & Marketing Committee (GMC) confirmed onboarding of new committee members, including several contributors with marketing backgrounds. The committee has primarily focused on reviewing and providing feedback on ecosystem proposals related to growth, marketing, business development, and adoption initiatives through the Hydra review tool. Early engagement between proposers and committee members was described as constructive and collaborative.
* Civics Committee shared updates on the Constitutional Amendment Process tooling, which underwent a significant rearchitecture following consultation with Intersect’s web development team. A revised version of the application is now live for testing. The committee also highlighted work on a Constitutional Committee retrospective framework aimed at preserving institutional knowledge and improving future CC cycles. In addition, Chair election procedures have officially begun, and the committee reiterated the need for a formal Intersect-wide RACI framework.
* Technical Steering Committee (TSC) reported continued progress toward the upcoming hard fork, with final readiness discussions and tooling checks ongoing. The Plutus parameter update experienced a short delay but is expected to proceed shortly. The committee also discussed ongoing work related to Constitutional Committee metadata updates, hard fork tooling readiness, and infrastructure coordination. Due to capacity constraints, the TSC confirmed it cannot independently review all current treasury proposals and reiterated plans to establish an independent technical review body for future budget cycles.
* Budget Committee provided updates on proposal review tooling and governance transparency efforts. A new community tool was released to help DReps and community members review historical proposal funding and governance data. Discussion also focused on improving proposal feedback participation within Ecclesia and balancing community sentiment with structured expert evaluation processes for future budget cycles.
* Membership & Community Committee (MCC) completed onboarding of newly elected members and delegated responsibilities across several active workstreams. Current priorities include improving communication and transparency, developing contributor recognition mechanisms, advancing membership benefits initiatives, and conducting Chair and Vice Chair elections.
***
## 3. Treasury Withdrawal Governance Actions & Proposal Structuring
Discussion continued regarding whether approved proposals should proceed as:
* Individual Treasury Withdrawal Governance Actions, or
* Bundled governance actions
The conversation revisited language from the Budget Process Information Action and whether process changes require additional governance updates.
Key points included:
* Intersect administration tooling is now capable of handling significantly larger numbers of individual governance actions
* Net Change Limit (NCL) considerations may impact final proposal structuring
* Some participants emphasized the importance of maintaining flexibility within governance processes while remaining aligned with prior governance commitments
It was acknowledged that future process clarity and governance expectations may need to be more explicitly defined.
***
## 4. Stablecoin Administration Service Discussion
A major portion of the meeting focused on Intersect’s newly introduced stablecoin treasury administration service.
ED provided a detailed overview of the service, explaining that proposers may optionally elect to receive:
* USDM
* USCX
instead of ADA for milestone-based disbursements.
The service is intended to:
* Reduce vendor exposure to ADA volatility
* Simplify treasury settlement operations
* Remove onboarding and compliance burdens from vendors
* Utilize Intersect’s existing institutional and OTC relationships
Discussion covered:
* The rationale behind the additional 1% administration fee
* Operational complexity and risk management requirements
* Treasury settlement processes
* Long-term liquidity implications for Cardano stablecoin ecosystems
Several members emphasized that:
* Better communication is needed around these operational changes
* Stablecoin services represent a major advancement for treasury administration
* Future ecosystem liquidity improvements will be necessary for fully native on-chain settlement workflows
Board member highlighted the significance of the initiative as an important operational milestone for Intersect and the broader Cardano ecosystem.
***
## 5. Independent Audit & Oversight Discussion
Thiago Nunes raised concerns regarding transparency and accountability within Intersect-administered contracts and treasury-funded initiatives.
Discussion focused on:
* Establishing independent audit mechanisms for vendor delivery and milestone verification
* Ensuring greater transparency between vendors, Intersect administration, and DReps
* Clarifying escalation pathways when disputes or delivery concerns arise
* Distinguishing between operational administration and independent oversight
It was confirmed that Intersect has already commissioned an independent audit of its administration functions through Appold and agreed that further expansion of audit scope may be needed to specifically address:
* Contract execution oversight
* Milestone validation
* Vendor accountability processes
Additional discussion explored:
* The role of DReps in approving major contract modifications
* The importance of codifying escalation and review processes more formally within future contracts
***
## 6. Pentad Governance & Transparency Discussion
The meeting concluded with an extended discussion regarding Pentad governance, Intersect’s operational role, and transparency concerns surrounding ecosystem integrations.
It was clarified that:
* Intersect acts primarily as the administration and execution layer for Pentad activities
* Intersect does not hold a formal voting role within Pentad governance
* Intersect signs and executes contracts because of its operational and legal capabilities
Discussion focused on:
* The need for greater transparency around long-term integration maintenance costs
* Governance concerns related to recurring funding obligations
* Future expectations for publishing operational and financial information related to Pentad initiatives
It was confirmed that:
* Existing Pentad contracts include break clauses
* Future funding is not automatically guaranteed
* Independent audit work is also being prepared for Pentad-related operations
Several participants emphasized the importance of improving communication with committees, DReps, and the broader community regarding:
* Pentad governance structure
* Integration costs
* Ongoing operational obligations
***
## 7. Actions & Next Steps
* Share the Appold administration audit report with ISC members for review
* Explore expansion of independent audit and contract oversight mechanisms
* Improve communication and transparency around Pentad operations and stablecoin services
* Continue work on RACI framework development through governance working groups
* Move Administration Services Revenue discussion to the next ISC meeting
* Consider extending future ISC monthly Board meetings to 90 minutes
* Review meeting structure to reduce repetitive committee reporting and increase strategic discussion time
---
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