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Home Regulation

BarnBridge DAO Decides to Comply with SEC’s Order in a Unanimous Vote

by Dan K
Oct 12, 2023 - 1:00 pm
in Regulation
Graphic representation of Bitcoin with SEC emblem, symbolizing the upcoming decision on spot Bitcoin ETFs.

BarnBridge DAO’s Crucial Decision

The BarnBridge decentralized autonomous organization’s (DAO) members held a pivotal vote regarding their approach to the United States Securities Exchange Commission’s (SEC) potential demands. A unanimous decision was reached on October 12, resolving to comply with any requirements set forth by the SEC, including the payment of necessary fines.

Delegates Nominated for Legal Dealings

Tyler Ward and Troy Murray have been selected as the DAO’s special delegates who will be responsible for interacting with the regulatory body. Douglas Park has been retained as the legal counsel for the DAO, entrusted with signing the final version of the Order on behalf of BarnBridge.

Selling Tokens: A Strategic Move?

The DAO’s Treasury has been granted permission by the voters to “sell all tokens that it is permitted to sell,” a decision likely made to prepare for any financial repercussions that may arise during the compliance process.

An Ongoing Investigation

Although there is no concrete information regarding the specifics of the SEC’s order to BarnBridge, it’s known that the investigation commenced in June 2023. Since then, BarnBridge has suspended all its activities, closing liquidity pools as a precaution.

Impact on BarnBridge’s Token

BarnBridge’s native token, BOND, has seen a significant decline in value since its last peak on July 25, dropping to $1.67 from a previous value of $21.69, as per the latest data from CoinGecko.

Historical Encounters with the SEC

In a related incident in November 2022, the SEC began administrative proceedings against the first legally recognized DAO in the U.S., American CryptoFed DAO, citing insufficient information in their Form S-1 registration statement. This historic event marks a significant checkpoint in the SEC’s ongoing scrutiny of DAOs and their operations.

Conclusion

BarnBridge DAO’s decision symbolizes a cautious and cooperative approach towards regulatory compliance, potentially setting a precedent for other DAOs in their interactions with regulatory bodies such as the SEC.

Tags: DAORegulationSEC
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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