BarnBridge DAO Lawyer Douglas Park Advised Decentralized Autonomous Organization (DAO) to Shut Down Due to Investigation SEC.
The park stated the need to close existing liquidity pools in the BarnBridge protocol and stop the creation of new ones.
The lawyer did not name the reason for the start of the SEC investigation.
He added that work on site-related products should be discontinued. In his opinion, this will help reduce legal liability in the future.
BarnBridge co-founder Tyler Ward confirmed Park’s words, but didn’t comment further.
One of the users of the BarnBrdige Discord channel suggested that the Commission’s investigation could be used as a pretext for an exit scam. Ward denied this.
The BOND project token reacted to the news by falling. According to CoinGecko, it is trading at $3.03, down 10.1% in the last 24 hours.
Recall that in early June, the SEC sued the Binance and Coinbase crypto exchanges.
Earlier, Commissioner Hester Pierce of the Commission pointed out the harm from the controversial position of the department regarding the regulation of cryptocurrencies.
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