Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Crypto lending and stablecoin project BarnBridge is facing legal action from U.S. securities regulators – as well as fines – and it’s responding perhaps in a novel way: a token-holder vote.to authorize its founders Tyler Ward and Troy Murray to do whatever’s necessary to comply “with the Order of the Securities and Exchange Commission,” including the payment of “disgorgement.”
It’s not clear what law the project may have broken but the SEC’s involvement indicates BarnBridge was likely providing some sort of securities product to U.S. investors – at least in the eyes of U.S. investigators. The current DAO vote indicates the project’s founders intend to comply with regulators’ demands – a prospect that could mean shutting down.
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