Mango Market DAO's SEC Settlement Proposal Fails, New Vote Emerges

A significant voter withdrew 80 million votes just hours before the deadline, which caused the Mango Market DAO's plan to pay a $700,000 SEC settlement to fail. With 100 million votes, the proposal had first cleared the 2% voting barrier. Since there could be no more "yes" votes cast in the final 24 hours, there were only three voters left at the deadline, making a comeback impossible. To approve, 52.2 million more "yes" votes were required.

New Proposal Gains Traction Amid SEC Settlement

Despite the previous proposal's failure, a new, identical vote has passed the quorum threshold with two days left, currently holding 210 million ‘yes’ votes from five voters. This may lead to the Mango DAO paying the SEC, which charged Mango DAO, Blockworks Foundation, and Mango Labs with securities violations related to unregistered MNGO offerings. Last month, they settled the charges without admitting guilt, agreeing to destroy all MNGO tokens.