The Mango Market DAO recently faced a setback when a proposal to pay off the $700,000 settlement with the Securities and Exchange Commission (SEC) failed to pass. The proposal required 2% of participants to vote ‘yes’ in order to utilize $669,684 USD from the Mango DAO escrow account for the settlement.
Initially, the vote seemed to be on track for success, with 100 million votes in favor. However, just hours before the deadline, a major voter withdrew 80 million votes, causing the vote to fall short. Ultimately, only three voters remained by the time the deadline passed, and the necessary 52.2 million additional ‘yes’ votes were not obtained.
Despite this setback, there is still hope for the Mango DAO to pay off the SEC. Another identical proposal has already surpassed the quorum threshold with two days remaining until the deadline. This proposal currently has 210 million ‘yes’ votes from five voters, indicating a strong possibility of success.
The SEC had charged Mango DAO, Blockworks Foundation, and Mango Labs with securities violations related to unregistered offerings of MNGO and unregistered brokering. In a settlement reached last month, all parties agreed to the terms without admitting or denying the allegations. Additionally, it was agreed that all MNGO tokens would be destroyed as part of the settlement.
As the Mango DAO navigates these challenges, it is clear that the community is actively engaged in decision-making processes that will shape the future of the organization. Stay tuned for updates on the outcome of the upcoming vote and the implications for the Mango Market DAO’s relationship with the SEC.