BarnBridge DAO and its founders have agreed to pay the Securities and Exchange Commission (SEC) over $1.7 million to settle allegations that they failed to register the offer and sale of BarnBridge's structured crypto asset securities. The SEC has also charged them with violations related to the operation of BarnBridge's SMART Yield pools, claiming that they acted as unregistered investment companies. As part of the settlement, BarnBridge will yield nearly $1.5 million in proceeds from the sales, while the founders will individually pay civil penalties of $125,000 each. The SEC emphasized that the use of blockchain technology for unregistered financial products is against securities laws. BarnBridge promoted its SMART Yield bonds, which were similar to asset-backed securities, to the public. Investors could acquire "Senior" or "Junior" SMART Yield bonds through the company's website, and the system utilized their assets to generate returns. SMART Yield attracted over $509 million in investments, and BarnBridge received fees based on the investors' investments and yield option. In October, BarnBridge DAO voted to comply with the SEC's potential demands and pay fines if necessary. The DAO also approved the sale of tokens from its treasury if required, although it is unclear if that will be part of the SEC's ruling.
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