The US Watchdog forced this DeFi Protocol to stop working
Briefly
- as a result of the SEC’s ongoing investigation, Barnbridge DAO has discontinued several core operations.
- All liquidity pools have been shut down by the DAO, and all compensation for its operation has been suspended.
- The SEC’s investigation of DeFi projects proposes an emphasis on more modest conventions, following activities against the titans.
A DeFi convention has grabbed the eye of the Protections and Trade Commission (SEC). As of Thursday, Barnbridge DAO has needed to stop all activities. In the wake of stirring things up around town unified players, is the SEC currently directing its concentration toward DeFi?
In a proclamation on its true Disagreement, Barnbridge DAO reported that the SEC was presently examining the convention and “people related with [it].” Consequently, the DAO announced that it would stop creating and closing all liquidity pools. Additionally, all product-related work must stop. People working with the DAO will presently not be remunerated until additional notification.
Barnbridge Co-Founders Will Not Comment
The project’s legal counsel, Douglas Park, confirmed that only a limited amount of information could be made public. Fellow benefactors Tyler Ward and Troy Murray won’t remark on the continuous circumstance.
However, not everyone took the news at face value. One Discord participant questioned whether the founders’ elopement with the DAO’s funds was a ruse and asked for evidence of the SEC’s investigation.
But Ward quickly rebutted, declaring that it would be the “worst thought-out rug attempt in history.” Lying about a government examination in such a public way is exceptionally unlawful.
The news caused the native token of Barnbridge, BOND, to drop around 8.7%. According to CoinMarketCap, it went from about $3.30 to $3.01 in three hours and twenty minutes.
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Is the SEC Turning on DeFi?
It is not the first time that the SEC has taken aim at DeFi projects, although the reason for the regulator’s investigation is unknown. The agency issued a subpoena to Sushi DAO, the company behind the Ethereum-based decentralized exchange SushiSwap, in March of this year.
The new examination recommends that the SEC might be directing its concentration toward more modest, DeFi projects in its authorization endeavors. The legal landscape has been enormously complicated by the emergence of distributed ledgers (DAOs), which are governed by community votes and smart contracts.
However, a centralized exchange like Coinbase, which has the resources and determination to pursue any legal action to the fullest, is unlikely to be stopped by the SEC.
Several crypto companies have been pursued by the chief financial watchdog for violating securities laws this year. The SEC filed complaints against Coinbase and Binance, respectively, on June 5 and 6.
The two largest cryptocurrency exchanges by trading volume are the latter. Their fights in court mark the bitterest part of the SEC’s conflict on the business. Both deny any bad behavior.
