BarnBridge’s BOND more than doubled in price after the defunct crypto derivatives project indicated it will acquiesce to unspecified demands by the U.S. Securities and Exchange Commission.
The token was trading at $4.20 Saturday afternoon, continuing a two-day rally that lifted the governance asset — BOND holders use it to vote on decisions at BarnBridge — to its highest price since May.
The rally began shortly after a BarnBridge insider cleared the way for founders Tyler Ward and Troy Murray “the authority to undertake all actions necessary to comply with the Order” from the SEC, including paying a fine.
A team-linked wallet controlling the project’s single-largest voting position provided the only vote in BarnBridge’s two-day poll on how to proceed.
“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.
Securities regulators have been investigating the decentralized finance (DeFi) protocol since at least July. The protocol stopped financing development, hired a lawyer and locked down the Discord server shortly after.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.