Summary
The U.S. Securities and Exchange Commission (SEC) has charged BarnBridge DAO and its founders, Tyler Ward and Troy Murray, with offering unregistered securities. The DAO’s SMART yield bonds and yield pools were deemed to be unregistered investment companies. Tyler Ward and Troy Murray will pay over $1.7 million in settlement charges, and BarnBridge DAO will cease offering its investment contracts. The charges come after an SEC investigation that prompted the DAO to wind down its activities.
Key Points
1. The U.S. Securities and Exchange Commission (SEC) has charged BarnBridge DAO and its founders, Tyler Ward and Troy Murray, with offering unregistered securities, specifically the SMART yield bonds.
2. BarnBridge DAO’s SMART yield pools have also been accused of operating as unregistered investment companies, which is a violation of financial regulations.
3. Tyler Ward and Troy Murray have agreed to pay over $1.7 million in settlement charges, and BarnBridge DAO will no longer be offering its derivative products.