ADA Holders Criticize Transfer of TOKEN2049 Responsibility From EMURGO to Cardano Foundation

The ADA community has reacted strongly after Intersect confirmed that responsibility for delivering Cardano’s presence at TOKEN2049 Singapore will shift from EMURGO to the Cardano Foundation.

The decision has sparked a governance debate across the Cardano ecosystem, with several community members arguing that the transfer bypasses the treasury governance process approved by Delegated Representatives (DReps). 

Intersect Explains Why the Cardano Foundation Will Lead TOKEN2049

In a recent announcement, Intersect revealed that EMURGO has been focusing its resources on managing the aftermath of the SecondFi incident. Consequently, the company informed Intersect that it could no longer allocate the personnel required to organize and execute Cardano’s participation at TOKEN2049.

Following discussions among EMURGO, the Cardano Foundation, and Intersect, the three parties agreed to transfer delivery responsibility for the event to the Cardano Foundation.

As the administrator of the treasury process, Intersect emphasized that its priority is to ensure approved governance actions are successfully delivered. Therefore, it described the change in the executing entity as the most practical solution, citing the limited time before the October conference and the need to avoid uncertainty surrounding Cardano’s participation.

The controversy traces back to an earlier governance decision. Cardano’s DReps previously approved EMURGO’s standalone treasury proposal requesting 3.3 million ADA to fund an official Cardano presence at TOKEN2049 Singapore. 

Now, Intersect confirmed that the Cardano Foundation would receive the approved funds and execute the project instead.

Community Questions Governance Process

Meanwhile, Intersect’s announcement immediately drew criticism from several community members, who argued that the approved proposal specifically authorized EMURGO, not the Cardano Foundation, to execute the project.

Popular DRep Chris O described the decision as a breach of Cardano’s governance framework. According to him, DReps approved a proposal that explicitly assigned execution to EMURGO. Therefore, if EMURGO could no longer fulfill its obligations, the treasury funds should have been returned rather than reassigned to another entity.

Chris also argued that the Cardano Foundation should submit its own treasury proposal if it intends to organize the event. He also criticized what he viewed as Intersect and the Foundation unilaterally changing the terms of an approved governance action without seeking another DRep vote.

Additionally, community member Dramz called for the funds to be returned entirely, expressing frustration with EMURGO’s role in the situation. 

Similarly, another community member questioned why Intersect decided on behalf of the broader Cardano ecosystem. He urged the organization to return the funds to the treasury and allow a fresh governance proposal rather than modify the existing one. 

Just one quick problem with this. The DReps didn’t vote to fund CF to do Token2049. They voted Emurgo. I think it’d’ve been proper to at least seek DReps’ opinions on the swap before it happened rather than telling us about it after the event.

— Kit Willow 𖤍 (@willow_kit) July 14, 2026

Despite the criticism, not everyone opposed the decision. Some Cardano supporters argued that maintaining an official presence at TOKEN2049 outweighs the need to restart the treasury process.

They contend that requiring a new proposal could delay preparations and potentially jeopardize Cardano’s participation in one of the cryptocurrency industry’s largest conferences. From their perspective, transferring execution to the Cardano Foundation ensures the original objective of the approved proposal is achieved despite EMURGO’s operational constraints.