The proposal has already reached a quorum with unanimous support.
Decentralised crypto exchange Mango Markets, a leading platform on the Solana blockchain, is putting a community vote to the test. The vote concerns a settlement proposal from the US Securities and Exchange Commission (SEC) regarding allegations that the exchange violated securities laws.
A Novel Approach to Settlement
On Monday, the governing body that oversees Mango Markets initiated a vote on the "SEC settlement offer proposal." The settlement offer, as proposed by the DAO representatives, includes the payment of $223,228 in civil penalties to the SEC, which will be deducted from the DAO treasury.
According to the announcement from Mango Markets' governing body, "The DAO Representative shall be permitted to transfer USDC from the DAO Treasury and convert it into USD in the amount of the penalty to be held in escrow while the SEC Commissioners consider final approval of the DAO's settlement offer."
However, the SEC has yet to make an official decision on the settlement. If the Mango Markets community approves the proposal, it could pave the way for decentralised platforms to settle with regulators in the future.
The settlement also mandates the destruction of all MNGO token holdings and their delisting from all cryptocurrency exchanges. This stipulation raises concerns about the future operations of the decentralised exchange, given that MNGO serves as the network's primary governance token.
#Mango Markets #DAO is considering a settlement with the #SEC over allegations of securities law violations, proposing to pay a $223,228 fine, destroy its #MNGO tokens, and seek delisting from exchanges. The proposal has already reached a #quorum with unanimous support. This… pic.twitter.com/a0Ohmwhz8l
A Well-Known Decentralised Platform
Mango Markets gained attention in 2021 when it raised $70 million through the sale of its MNGO tokens. Notably, these public sales were conducted in markets outside the United States. The platform made headlines again when Avraham Eisenberg, who has since been convicted of fraud, exploited it, draining digital assets worth approximately $110 million.
A few days prior to Eisenberg's trial, the SEC commenced its investigation into Mango Markets. The platform is also being probed by the Department of Justice and the Commodity Futures Trading Commission.
“Due to the rules regarding the confidentiality of settlement discussions and because the SEC’s investigation is ongoing and non-public as a matter of law, the DAO Representative is limited in the information that it is permitted to share in a non-privileged context,” the announcement stated.
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