BarnBridge's SEC Compliance Vote Sends BOND Token Skyrocketing

Oct 18, 2023 at 05:38 am

Since as early as July, regulatory authorities focused on securities have been conducting thorough examinations of the decentralized finance (DeFi) protocol.

Following a signal from the now-inactive crypto derivatives project, the BOND token of BarnBridge experienced a surge of over 100% in value. This upward momentum was ignited by the project's declaration of its intention to adhere to undisclosed requests presented by the U.S. Securities and Exchange Commission (SEC).

As of Saturday afternoon, the token was valued at $4.20, marking an ongoing two-day rally. This surge propelled the governance asset, employed by BOND holders to cast votes on decisions within BarnBridge, to its highest value since May.

The rally commenced shortly after an insider at BarnBridge paved the way for founders Tyler Ward and Troy Murray to obtain "the authority to undertake all actions necessary to comply with the Order" from the SEC, which might encompass paying a fine.

In the two-day poll conducted by BarnBridge, a wallet linked with the team, holding the most substantial voting position in the project, cast the sole vote on how to proceed.

Nelson Rosario, a legal expert with expertise in crypto law, posed a pertinent query, asking:

 "Is it within the ethos of crypto for a community-binding proposal to take effect due to a single vote? Is this the decentralization we aim to witness?"

The SEC has been actively investigating this decentralized finance (DeFi) protocol since at least July. Subsequently, the protocol discontinued financing development, sought legal representation, and implemented more stringent controls on access to the Discord server.

Read more: BarnBridge Braces for Regulatory Action: SEC Fines Loom

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