Bowing to the SEC’s accusations, Ethereum (ETH)-based decentralized finance (DeFi) protocol BarnBridge (BOND) accepted the fine.
BarnBridge DAO could no longer resist allegations of unregistered securities sales brought against it by the US Securities and Exchange Commission (SEC). DeFi protocol, which is at the center of the accusationsSMART Yield bondsto withdraw its product known as “from the market and from $1.7 million He agreed to pay a slightly higher fine.
SEC passed July belongs to the protocol in closing liquidity pools and in this context, he requested that new ones not be opened.
In its statement on December 22, the SEC stated that DAO issued these bonds. compared to asset-backed securities and said he marketed them to the public.
The SEC highlighted that SMART Yield pools cryptocurrencies deposited by investors and then uses those assets to generate returns to pay investors. Director of the SEC’s Division of Enforcement Gurbir S. GrewalIn his statement regarding BarnBridge, he stated that the services offered clearly violated the law he expressed:
The use of blockchain technology for the unregistered offering and sale of structured finance products to retail investors is against securities laws. This case serves as an important reminder that these laws apply to anyone seeking to access our capital markets, regardless of whether they are anonymous, decentralized or autonomous.