Barnbridge DAO Suspended Amid SEC Investigation

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  • Some members of the DeFi protocol suspected a possible exit technique was within the works.
  • The BarnBridge DAO is suspending operations attributable to an investigation by the US SEC.
  • The explanations for the SEC’s investigation of the DAO and its members stay unclear.

Decentralized monetary protocol Barnbridge DAO has reportedly suspended all operations following an investigation by the U.S. Securities and Change Fee (SEC). Members of decentralized autonomous organizations are requested to stop any interplay with any merchandise associated to BarnBridge.

The BarnBridge DAO took to Twitter earlier as we speak to share its newest developments with the net neighborhood. DeFi protocol authorized counsel Douglas Park posted a message on the DAO’s Discord server revealing the securities regulator’s investigation. The scope of the investigation additionally extends to members of the DAO.

DeFi protocols have closed all liquidity swimming pools and restricted the opening of recent liquidity swimming pools. DAO’s providers and merchandise will reportedly proceed to be unavailable to mitigate potential authorized legal responsibility. The platform may even cease rewarding contributors for any work associated to BarnBridge merchandise.

Co-founder Tyler Ward confirmed information of the investigation into his cryptocurrency firm and DAO officers, however declined to remark additional. The DAO just lately voted in favor of retaining Park & ​​Dibadj LLP as DAO’s authorized counsel. The SEC investigation possible started earlier than June 30, provided that the governance vote to maintain the regulation agency alive started on June 30.

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Cryptocurrency influencer Adam Cochrane shared his view on the newest growth of the Barnbridge DAO whereas warning that the SEC is recalibrating its consideration and starting to look at the operation of smaller DeFi protocols. . DeFi protocols ought to be able to be buried in paperwork, he stated. Some members of the BarnBridge DAO suspected that the sudden flip of occasions may finish in an exit technique.

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