The Mango Market DAO didn’t cross a proposal to repay the Securities and Change Fee’s (SEC) $700,000 settlement after a significant voter withdrew their vote hours earlier than the deadline.
The proposal required 2% of contributors to vote ‘yes’ in order that $669,684 USD from the Mango DAO escrow account could possibly be used to settle with the regulator.
At this level, the vote couldn’t be saved as a result of, as Henry identified, no new ‘yes’ votes might be submitted 24 hours earlier than the deadline. On this interval, votes can solely be withdrawn or submitted in opposition to the proposal. One other 52.2 million ‘yes’ votes have been required for a profitable verdict.
Mango DAO nonetheless has an opportunity to pay the SEC
Regardless of the failure of this proposal, there may be one other vote, an identical to this one, that has handed the quorum threshold with two days left till the deadline. This proposal at the moment has 210 million ‘yes’ votes from 5 voters and should end result within the Mango DAO voting to pay the SEC.
The SEC charged Mango DAO, Blockworks Basis, and Mango Labs with numerous securities violations referring to unregistered choices of MNGO and unregistered brokering.
Final month, the SEC settled these expenses. As a part of the settlement, all three events weren’t required to confess to or deny, the allegations put ahead by the SEC. It was additionally agreed that every one MNGO tokens could be destroyed.
