The price of BarnBridge’s BOND more than doubled after the bankrupt cryptocurrency derivatives project said it will comply with unnamed demands from the U.S. Securities and Exchange Commission.The governance asset, which BOND holders use to vote on decisions at BarnBridge, reached its highest price since May as of Saturday afternoon’s trading, when the token was trading at $4.20.
Founders Tyler Ward and Troy Murray were given “the authority to undertake all actions necessary to comply with the Order” from the SEC, including paying a fine, by a BarnBridge insider soon before the rally got underway.
The project’s single-largest voting position was controlled by a team-linked wallet, which cast the lone vote during BarnBridge’s two-day ballot on the best course of action.
“Is it in the spirit of crypto that a community binding proposal take effect, because of a 1 of 1 vote? Is this the decentralization we want to see?” said Nelson Rosario, an attorney who specializes in crypto law.
Since at least July, securities regulators have been looking at the decentralized finance (DeFi) technology.After hiring a lawyer and stopping development funding, the protocol soon locked down the Discord server.