The BarnBridge DAO voted to comply with the SEC order

BY DAVID ATTLEE; Compiled: Pine Snow, Golden Finance

BarnBridge decentralized autonomous organization (DAO) members have voted to comply with the requirements of the U.S. Securities and Exchange Commission (SEC) and pay fines if necessary. The vote closed on Oct. 12 and nominated Tyler Ward and Troy Murray as DAO’s special representatives dealing with regulators. Meanwhile, Douglas Park will continue to serve as legal counsel and will sign the final order on behalf of BarnBridge. Voters also asked the DAO Treasury to “sell all tokens allowed to be sold” if needed.

No specific instructions to BarnBridge have been received from the SEC. The regulator’s investigation into the DAO began in June 2023. BarnBridge immediately suspended all work and closed the liquidity pool. In his remarks, Ward did not disclose details of the SEC investigation because of its “non-public nature.”

Since reaching its last peak of $21.69 on July 25, the price of BarnBridge’s native token, BOND, has been falling. According to CoinGecko, it is priced at $1.67 at press time. Its all-time high was $185.7, which occurred in October 2020.

In 2021, BarnBridge announced the launch of the app “SMART Exposure”, which enables users to maintain specific weights between assets in a particular ERC-20 token pair through automatic rebalancing.

In November 2022, the U.S. Securities and Exchange Commission (SEC) filed an administrative lawsuit against the first legally recognized DAO, the US Crypto Federal DAO. According to the SEC, the Form S-1 registration statement filed by CryptoFed in the United States lacks important information, such as audited financial statements and detailed information about its business and management.