About six months after the SEC filed a complaint against the BarnBridge DAO, the group has agreed to disgorge almost $1.5 million in proceeds from their “SMART Yield bonds” — which the SEC also says attracted more than $509 million in investments. The two co-founders will also pay $125,000 each in civil penalties.
The SEC charged that the group had not registered their sale of the bonds as was required under US securities laws. BarnBridge shut down very shortly after the complaint was filed, without any input from its community, despite ostensibly being community governed.
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“BarnBridge DAO Agrees to Stop Unregistered Offer and Sale of Structured Finance Crypto Product”
, Securities and Exchange Commission press release
