Members of the BarnBridge Decentralized Autonomous Organization (DAO) have taken their vote on how to respond to potential demands from the US Securities Commission (SEC).
Voting ended on October 12 unanimously resolution To comply with potential SEC demands and pay fines if necessary. Tyler Ward and Troy Murray have been nominated as special delegates to the DAO to engage with the regulatory body. Meanwhile, Douglas Park remains the DAO’s legal counsel and will sign the final version of the order on behalf of BarnBridge. Voters also allowed the DAO treasury to “sell all tokens it is permitted to sell” if necessary.
There is no information available on any specific order sent by the SEC to BarnBridge. The regulator’s investigation into this DAO began in June 2023. BarnBridge immediately paused all of its operations and closed its liquidity pools. In his address to members, Ward did not provide any details about the SEC investigation due to its “non-public nature.”
Related: Vitalik Buterin expressed concerns about decentralized organizations (DAOs) approving ETH storage pool operators.
The price of BarnBridge’s native token, BOND, has been gradually declining since its last peak on July 25, when it reached $21.69. By press time, it is Situations At $1.67, according to CoinGecko. The all-time high, $185.7, occurred in October 2020.
In 2021, BarnBridge announced its “SMART Exposure” app, which enables users to passively maintain a certain weight between assets in a specific ERC-20 token pair through automatic rebalancing.
In November 2022, the SEC brought administrative proceedings against the first legally recognized decentralized autonomous organization (DAO) in the United States, the US CryptoFed DAO. According to the SEC, the Form S-1 registration statement filed by American CryptoFed lacks vital information, such as audited financial statements and details regarding its business and management.
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