SEC Orders Mango DAO and related companies
The SEC will, for the time being, suspend allegations filed against the Mango DAO, Mango Labs LLC and Blockworks Foundation over MNGO token being an unregistered security offer. Along with these entities, unregistered broker services were being provided by these entities, it was also alleged.
MNGO Token Wipeout and Clear Out its Trading Activities
According to the provisions set out in Deloitte’s settlement, Mango Markets and persons related to them are also going to destroy their MNGO tokens and ask other platforms to stop trading these tokens. Also, they will settle in a sum of $700,000. The agreement still has to be approved by a court.
Deciding on The Implementation of the Settlement Proposal from the Community
This settlement has only been concluded about a month after Mango DAO held an open vote among its members whether or not to rather accept them. Processing the previous vote and the earlier week’s settlement with the CFTC was approved in consensus by the DAO participants.
Sad Times Lie Ahead for Members of the Mango DAO
Mango DAO participants utilize the MNGO governance token for voting on the proposals presented to them. However, following the likely wipe out of these tokens, it is hard to predict the direction that this project is going to take.
The Position of the SEC Towards DAO Governance Overheads.
Jorge Tenreiro, Acting Chief of the SEC’s Crypto And Cyber Unit highlighted in a statement that any entity offering a “securities-int
