BarnBridge, a decentralized autonomous organization (DAO), has unanimously decided to comply with potential demands from the United States Securities Exchange Commission (SEC). The DAO’s members voted to pay fines if necessary and nominated Tyler Ward and Troy Murray as special delegates to handle interactions with the regulator. Douglas Park will continue to serve as the DAO’s legal counsel and will sign the final version of the Order on behalf of BarnBridge. The DAO’s Treasury has also been given permission to sell tokens if needed. The SEC’s investigation into BarnBridge began in June 2023, prompting the DAO to pause its operations and close liquidity pools. The specific details of the SEC’s investigation have not been disclosed due to its non-public nature. The price of BarnBridge’s native token, BOND, has been steadily declining since its peak in July, currently standing at $1.67. In 2021, BarnBridge introduced “SMART Exposure,” an application that allows users to passively maintain a specific asset weighting through automatic rebalancing. The SEC’s previous action against American CryptoFed DAO in November 2022 serves as a cautionary example of the legal risks associated with involvement in DAOs.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 0 |
| People | Tyler Ward, Douglas Park, Troy Murray |
| Companies | United States Securities Exchange Commission (SEC), American CryptoFed DAO, BarnBridge decentralized autonomous organization (DAO), CoinGecko |
| Currencies | BarnBridge |
| Securities | None |
