An altcoin project that the US SEC is investigating has held a vote to settle. As a result of the vote, the community agreed to settle with the SEC. Although its price did not react at first, it has recorded a strong increase today.
The vote resulted in a compromise with the SEC, and the altcoin price soared!
As you follow on Kriptokoin.com, the US Securities and Exchange Commission (SEC) opened an investigation against BarnBridge (BOND) on July 7. The SEC investigated not only the altcoin project but also the people involved. In a development yesterday, BarnBridge DAO sought community approval for a settlement with the SEC. A vote was initiated in this direction. BarnBridge DAO, which operates a small DeFi protocol, has completed its voting process to address potential SEC demands. Voting ended on October 12. As a result, a unanimous decision was made to comply with the SEC’s future requests and pay a fine if necessary.
While there was no serious fluctuation in the token price following this development, BOND took flight today. This ardatToken reached its all-time high of $185.7 in October 2020. However, it has declined steadily since then. According to the latest data from CoinMarketCap, the current value of the token is at 2.99. However, day before day, the altcoin was trading at $1.64. Therefore, it increased by approximately 83% in a one-day period.
BOND 24-hour price chart. Source: CoinMarketCapBarnBridge DAO names team to handle reconciliation
The altcoin project appointed Tyler Ward and Troy Murray as special delegates to liaise with the SEC on behalf of the DAO. Douglas Park will continue to serve as DAO’s legal counsel. He will also have the authority to sign off on the final version of any BarnBridge-related decision. Additionally, voters approved a measure allowing the DAO’s treasury to sell any legally permissible tokens if needed. At this time, there is no specific information regarding any order the SEC may have issued to BarnBridge.
The regulator began investigating the DAO in June 2023. In this context, it caused BarnBridge to stop all its operations and close its liquidity pools. Speaking to members, Ward did not disclose any details about the SEC’s investigation, citing its confidential status.
BarnBridge is not the first altcoin to be caught in the SEC’s network!
Last year, BarnBridge launched SMART Exposure, which allows users to maintain a specific asset weight in an ERC-20 token pair through automatic rebalancing. By the way, BarnBridge is not the first DAO to come under SEC scrutiny. However, it was arguably the first DAO to seek community input on responding to regulatory actions.
Earlier this year, the SEC said American CryptoFed failed to disclose basic information about its business operations and financial condition. The agency also noted that the organization made materially misleading statements, including inconsistencies regarding classifying its tokens as securities.
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