BarnBridge DAO calls halt to ‘all work’ on DeFi protocol amid SEC probe

BarnBridge DAO members have actually been told to pause “all work” related to the job after a reported probe by the United States Securities and Exchange Commission (SEC). In a July 6 post to the platforms Discord channel, Douglas Park, a legal representative for the decentralized autonomous organization revealed the news to members.” I am letting you know that the Securities and Exchange Commission is examining BarnBridge DAO and individuals related to the DAO,” Park said.pic.twitter.com/ChsjBuGEzM— BarnBridge (@Barn_Bridge) July 7, 2023

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In order to “decrease prospective additional legal liability,” Park suggested “all work” on BarnBridge-related items need to stop– including the closure of liquidity pools– and that people should not get payment for work streaming from the investment efforts of the DAO.Co-founder Tyler Ward, probably called “Lord Tyler” on Discord, validated Parks message was real on BarnBridges Discord soon after.Park and Ward didnt explain why the SEC launched a probe into BarnBridge DAO.” Other members took the news more lightheartedly with one saying its “time to move to Europe”– recommending DAO members could hide from the SEC.Another jokingly stated that anyone who connected with BarnBridge would be “shot” by SEC chair Gary Gensler “on live Television”– alluding to his tough stance on crypto.Mixed responses were recieved from BarnBridge DAO members on Discord. The reported investigation into BarnBridge, a little to mid-sized DAO, might suggest the securities regulator isnt just looking to target the crypto areas biggest organizations.Cointelegraph got in touch with the SEC for comment however did not get an immediate response.Magazine: AI Eye: Biggest ever leap in AI, cool new tools, AIs are the genuine DAOs