SEC Probe Forces BarnBridge DAO To Halt ‘All Work’
Following a rumoured investigation by the United States Securities and Exchange Commission (SEC), BarnBridge DAO members have been instructed to halt “all work” relating to the project.
Douglas Park, a lawyer for the platform’s decentralised autonomous organisation, conveyed the news to members in a July 6 post to the platform’s Discord channel.
“I am letting you know that the Securities and Exchange Commission is investigating BarnBridge DAO and individuals associated with the DAO,” Park said.
To “reduce potential further legal liability,” Park proposed that “all work” on BarnBridge-related goods be halted, including the closing of liquidity pools, and that individuals not be compensated for labour resulting from the DAO’s investment efforts.
BarnBridge is a cross-platform decentralised risk management finance protocol that aims to combat inflation risk and interest rate volatility.
(With inputs from Shikha Singh)
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