A decentralized finance (DeFi) platform based on the smart contract platform Solana (SOL) is drafting a proposal to settle with the U.S. Securities and Exchange Commission (SEC).
In a new community proposal, the decentralized autonomous organization (DAO) of Mango Markets (MNGO) has voted to settle with the SEC even though the regulator hasn’t formally charged the decentralized exchange (DEX) protocol with any crimes.
However, the SEC and other federal agencies launched an investigation into Mango Markets after crypto trader Avraham Eisenberg exploited the protocol for $110 million in 2022.
According to the Mango DAO, the SEC has accused them of violating several clauses in The Securities Acts of 1933 and 1934.
The DAO goes on to say the settlement, if accepted by the SEC, would include a $233,228 civil penalties payment and an agreement to cease “all of its offers, sales or resales of MNGO tokens on the protocol through the means or instrumentalities of interstate com
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