Mango DAO Refuses $700,000 SEC Settlement
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The Mango DAO has opted not to move forward with a $700,000 payment to the U.S. Securities and Exchange Commission (SEC) related to unregistered sales of MNGO tokens.
This decision comes shortly after Crypto.com filed a lawsuit against the SEC following a Wells Notice it received from the regulatory body.
Data from Realms indicates that the proposal, put forth by Mango Labs and Blockworks Foundation, sought to release funds from escrow to settle the SEC’s claims.
However, it fell short by over 52 million votes, with only about 27.8 million supporting it. Interestingly, a developer known as Henry had reported that the proposal had received substantial initial backing, but a significant number of votes were withdrawn just hours before the deadline.
This situation coincides with Crypto.com’s legal challenges against the SEC for purported violations of securities laws, raising questions about whether this conflict influenced the DAO’s rejection of the settlement offer.
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