DAO Members Vote to Comply with SEC; BarnBridge Token Price Falls Amid Investigation
Summary:
The members of BarnBridge decentralized autonomous organization (DAO) have unanimously agreed to comply with US Securities Exchange Commission's (SEC) potential demands and pay fines if required, after a voting session. Tyler Ward and Troy Murray have been appointed to handle interactions with the SEC. The value of BarnBridge's token, BOND, has seen a decline since July, now standing at $1.67. The SEC launched its investigation into BarnBridge in June 2023, in the wake of which, all operations were paused and liquidity pools were closed.
The members of BarnBridge, a decentralized autonomous organization (DAO), have concluded their voting process to determine their response to the possible demands from the U.S. Securities Exchange Commission (SEC). The vote, which ended on October 12, resulted in a unanimous agreement to comply with the SEC, even if it means facing fines. Tyler Ward and Troy Murray have been chosen as the DAO's special representatives to handle interactions with the authorities. Simultaneously, Douglas Park will continue his duties as the DAO's legal counsel and will be the signatory on the final version of any Order for BarnBridge. The DAO voters also granted their Treasury permission to "sell any permissible tokens" if required. At present, there isn't any specific order from the SEC addressed to BarnBridge. The regulatory body initiated its investigation into BarnBridge in June 2023, which led to them ceasing all operations and shutting down their liquidity pools temporarily. However, Ward remained tight-lipped about the investigation, citing the confidential nature of the SEC's probe.
In related news, the value of BarnBridge's token, BOND, has been experiencing a steady decline since peaking at $21.69 on July 25. As of now, the price is $1.67, per CoinGecko. The token touched its highest price ever, $185.7, in October 2020. In 2021, BarnBridge unveiled its application, "SMART Exposure," allowing users to passively control the weighting between the assets in a particular ERC-20 token pair via automated rebalancing.
In November 2022, the SEC initiated administrative actions against the first legally recognized DAO in the U.S., American CryptoFed DAO. According to the SEC, American CryptoFed's Form S-1 registration statement was incomplete, missing critical details such as audited financial data and information relating to its operations and management.
Published At
10/12/2023 7:43:24 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.