BarnBridge DAO has voted to comply with the SEC order
Barnbridge, a decentralized autonomous organization (DAO) decentralized protocol, has voted on how to respond to potential inquiries from the United States Securities and Exchange Commission (SEC).
The vote ended on October 12 with a unanimous decision to comply with the SEC's potential demands and pay a penalty if necessary. Tyler Ward and Troy Murray were selected as DAO Special Delegates to work with the regulator. At the same time, Douglas Park remains DAO's legal counsel and will sign the final version of the order on behalf of BarnBridge. Voters have approved the DAO's treasury to “sell all tokens authorized to sell” if necessary.
No information is available on any specific orders the SEC has sent to BarnBridge. The regulator's investigation into The DAO began in June 2023. BarnBridge immediately ceased all operations and closed the liquid pools. In an address to members, Ward did not provide any details on the SEC's investigation because of his “non-public nature.”
Related: Vitalik Buterin's approval of ETH staking pool operators raises concerns over DAOs.
The price of Barnbridge's native token BOND has been steadily declining since its last peak on July 25 at $21.69. At the time of publication, it stands at $1.67 according to CoinGecko. It hit an all-time high of $185.7 in October 2020.
In the year In 2021, Barnbridge announced the SMART Exposure app, which allows users to strategically maintain a certain weight between assets in a specific ERC-20 token pair through automatic rebalancing.
In the year In November 2022, the SEC instituted administrative proceedings against the American CryptoFed DAO, the first legally recognized DAO in the United States. According to the SEC, the Form S-1 registration statement filed by US CryptoFed lacked important information such as audited financial statements and details about its business and management.
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