BarnBridge DAO, which runs a small DeFi protocol, says it is facing an investigation from the U.S. securities regulator.
DAO members on Friday via Discord that the Securities and Exchange Commission is investigating BarnBridge and individuals associated with it.
“To reduce potential further legal liability, existing liquidity pools should be closed, and no more liquidity pools should be started,” Park said. “All work on BarnBridge-related products should stop, and individuals should no longer be compensated for any work they do related to BarnBridge until further notice.”Park’s message on Discord, saying, “I’ve been advised to not comment on this going forward… This would be the worst thought-out rug attempt in history for us to make this up.
The BarnBridge probe is another example — if a somewhat unexpected one — of the SEC’s increasingly aggressive stance towards the crypto industry, and another sign that it sees its remit stretching beyond centralized crypto exchanges.against Binance and Coinbase, the two largest crypto exchanges in the industry, for allegedly violating securities laws.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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