SEC Commissioner Hester Peirce Criticizes $1.7 Million Fine on BarnBridge DAO

SEC Commissioner Hester Peirce Criticizes $1.7 Million Fine on BarnBridge DAO



Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), strongly criticized her colleagues for levying a $1.7 million fine on the decentralized finance protocol BarnBridge DAO. The protocol, along with its co-founders Tyler Ward and Troy Murray, consented to settle allegations of selling structured crypto asset securities called SMART Yield bonds.



The company agreed to return almost $1.5 million earned from these sales. Additionally, Ward and Murray were each required to pay $125,000 in civil penalties, as announced by the SEC.



Gurbir Grewal, an SEC director, stated, "The utilization of blockchain technology for unregistered offering and sale of structured finance products to retail investors is a violation of securities laws." He emphasized that this case is a crucial reminder that securities laws


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