The legal entity that exists to implement the ApeCoin DAO’s decisions is something called the Ape Foundation, which is based in the Cayman Islands. “Wrapping” a DAO in a legal entity so it can interact with off-chain assets isn’t that unusual, says Erich Dylus, a lawyer who helped create a similar foundation for API3 DAO. The DAO itself isn’t really a legal entity, but the foundation is.