Unexpectedly, BarnBridge’s native governance token BOND witnessed a notable increase in price after the decentralized derivative project stated that it is willing to comply with the demands of the US Securities and Exchange Commission (SEC). This move attracted attention in the altcoin community and raised questions about the nature of decentralization in DeFi. Here are the details…
Altcoin made a compromise decision, its price increased
Trading at $4.20 yesterday, BOND experienced an impressive two-day rise, reaching its highest price point since May. This rise was triggered by an important announcement that resonated deeply with crypto enthusiasts and investors. It is currently changing hands at levels above $6. The rally began shortly after a BarnBridge project insider authorized founders Tyler Ward and Troy Murray to take any necessary steps to comply with the SEC’s order, which potentially included paying fines. This was a pivotal moment for the project and the price of BOND more than doubled in response to this news.
What raised eyebrows in the crypto community was the decision-making process within BarnBridge. A single wallet affiliated with the team controlled the project’s largest voting position and provided the sole vote in a two-day poll on how to proceed. This has raised questions about the essence of decentralization in the DeFi space. Nelson Rosario, a leading lawyer specializing in crypto law, said: “Is it in the spirit of crypto for a community-binding proposal to be enacted by a 1-to-1 vote? Is this the decentralization we want to see?” said.
Forward-looking developments
The SEC has been investigating BarnBridge’s decentralized finance (DeFi) protocol since at least July. This scrutiny led the protocol to halt development funding, hire legal counsel, and implement security measures such as locking the Discord server. On October 15, the BarnBridge community took an important step by voting in favor of the “BarnBridge Legal Details Update” proposal. This decision had several important consequences, including authorizing Tyler Ward and Troy Murray and their representatives to comply with the SEC’s decision and allowing BarnBridge Treasury to pay the required recovery amounts. The proposal also authorized BarnBridge’s legal counsel, Douglas Park, to sign the final version of the SEC decision on behalf of the project.
In addition, the Treasury was authorized to pay all of Park’s bills related to the SEC investigation. It also demonstrated the project’s commitment to meeting the SEC’s requirements by allowing Treasury to sell the tokens it was allowed to sell and allowing Ward and Murray to distribute those tokens. This development marks a significant milestone in BarnBridge’s journey as it navigates the regulatory landscape while facing questions about the true meaning of decentralization in the crypto space. Meanwhile, cryptokoin.com As we reported, Binance announced this morning that it will offer up to 50x futures options for BOND.
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