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DeFi Protocol BarnBridge Prepares for SEC Action, Fines

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. The decentralized finance (DeFi) protocol opened voting Tuesday on a proposal 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.” BarnBridge sought to build fixed-income products for savvy on-chain crypto investors. The proposal includes provisions that would liquidate the treasury “and allow Ward and Murray to distribute the tokens,” although it does not say to whom.

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