The decentralized autonomous organization (DAO) behind the decentralized protocol BarnBridge has conducted its voting on how to react to the United States Securities Exchange Commission’s (SEC) potential demands.
The voting ended on Oct. 12 with a unanimous decision to comply with the SEC’s potential demands and pay fines if necessary. Tyler Ward and Troy Murray were nominated as the DAO’s special delegates for dealing with the regulator. At the same time, Douglas Park remains the DAO’s legal counsel and will sign the final version of the order on behalf of BarnBridge. Voters have also approved the DAO’s treasury to “sell all tokens that it is permitted to sell” if needed.
No information is available on any specific order the SEC has sent to BarnBridge. The regulator’s investigation into the DAO began in June 2023. BarnBridge immediately paused all its work and closed its liquidity pools. Addressing the members, Ward provided no details for the SEC’s investigation due to its “non-public nature.”
The price of BarnBridge’s native token, BOND, has been gradually falling since its last peak on July 25, when it reached $21.69. At the time of publication, it stands at $1.67, according to CoinGecko. It reached its all-time high of $185.7 in October 2020.
In 2021, BarnBridge announced its “SMART Exposure” application, enabling users to passively maintain a particular weighting between the assets in a specific ERC-20 token pair through automatic rebalancing.
In November 2022, the SEC instituted administrative proceedings against the first legally recognized DAO in the U.S., the American CryptoFed DAO. According to the SEC, the Form S-1 registration statement filed by American CryptoFed lacked vital information, such as audited financial statements and details about its business and management.
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The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.
The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.
In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.
“After over a decade of conflict, there is renewed hope for the Syrian people.
“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”
Image: Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy
The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.
While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.
The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.
Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.
In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.
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From May: Trump says US will end sanctions for Syria
He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.
“I say good luck, Syria. Show us something special.”
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