BarnBridge's BOND token has seen a significant rise in price, more than doubling after the company said its crypto derivatives project would comply with undisclosed demands from the U.S. Securities and Exchange Commission (SEC).
The token gained over 50% on Saturday evening, trading at $4.47. However, the token is still trading at around $88, its highest level other than the peak it experienced when it was first launched.
The rally was triggered shortly after BarnBridge authorized its founders Tyler Ward and Troy Murray to take any actions necessary to comply with the SEC's order, including the payment of a possible fine.
A wallet affiliated with the team, which has the largest voting rights on the project, was the sole voter in BarnBridge's two-day vote on how to proceed. The vote concluded on October 12 with a unanimous decision to comply with the SEC's potential demands and pay a fine if necessary.
BarnBridge aimed to develop fixed income products for onchain crypto investors. However, the team's work came to a halt in July when it announced that the project was under investigation by the SEC.
BarnBridge, which promotes itself as a DeFi platform and is expected to be decentralized, made an agreement with the SEC, which seems to have angered some cryptocurrency users.
*This is not investment advice.
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