BarnBridge DAO is seeking votes on whether it should comply with a Securities and Exchange Commission probe.
BarnBridge DAO, which runs a small DeFi protocol, opened a voting process over how it should respond to a Securities and Exchange Commission probe.
Voting opened on Tuesday on whether BarnBridge co-founders Tyler Ward and Troy Murray should have the "authority to undertake all actions necessary to comply with the Order of the Securities and Exchange Commission against BarnBridge.” The move came after BarnBridge attorney Douglas Park told DAO members in July through Discord that the SEC was investigating. At the time, Park said that all work on BarnBridge-related products should be halted and that people shouldn’t be compensated for work they do for the DAO until further notice.
BarnBridge is now asking whether it should pay disgorgement, as required by the SEC’s order, and whether it should “sell all tokens that it is permitted to sell and allow to Ward and Murray to distribute the tokens.”The U.S. regulator has taken legal actions before against decentralized autonomous organizations, or DAOs.
The agency said earlier this year that American CryptoFed failed to provide required information about its business management and financial condition. It also had materially misleading statements and omissions, including inconsistencies on whether the tokens are securities, the SEC said.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
DeFi Protocol BarnBridge Prepares for SEC Action, FinesDanny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Les mer »
Securities traders are gathering in Washington, trying to figure out what the SEC is doingThe annual conference is devoted to market structure, but the scope has widened over the years. More than 800 will be in attendance at this year's meeting.
Les mer »
State securities regulators argue against crypto special treatment in Coinbase briefA court should not treat digital assets “as somehow special,” securities regulators argued in a case between the SEC and Coinbase.
Les mer »
Securities regulators oppose special treatment of crypto in Coinbase caseThe North American Securities Administrators Association has filed an amicus brief supporting the SEC in its case against crypto exchange Coinbase.
Les mer »
Morpho Blue seeks to upend decentralized lending by removing 'DAO bottlenecks'The team behind Morpho unveiled a new protocol aimed at improving the efficiency and flexibility of the nascent decentralized credit market.
Les mer »
Lido DAO price failing the critical support level could trigger losses worth over $75 millionLido DAO price has been moving sideways for the past month or so, with minor increases and decreases noted every now and then. However, the lack of a
Les mer »