DMM: Governance (DMG) news

09 Feb 2021, 17:30

Dear DMM Community: In response to recent questions from our community, we are providing additional information about the decision to wind-down the project. On or about December 15, 2020, The DeFi Money Market Foundation received an investigative subpoena from the United States Securities and Exchange Commission (SEC). Among other things, the subpoena requested information about the mTokens, DMG tokens, and other details surrounding DMMF’s operations and governance. We reviewed the subpoena carefully and with the assistance of counsel began complying with the legal requirement to produce documents and make other information available to the SEC. During that process, the SEC staff raised concerns that the offer and sale of mTokens and DMG tokens was made without compliance with the registration requirements of the United States federal securities laws. We have begun negotiations with the SEC staff to resolve its investigation, and in an effort to reach a mutually agreeable resolution, we have concluded that an orderly wind-down of the project is best. In addition, we have taken steps to ensure that mToken redemption, including interest, is available to all mToken holders. We are developing a plan to return all available DMG assets to DMG holders as soon as possible. As of right now, there is no token redemption program active. We will post through our usual social media channels and website once a redemption program is ready to be disclosed. Please be aware of scammers that are attempting to launch fake redemptions. The SEC’s investigation is ongoing and, at this time, we are unable to predict what the ultimate timing or outcome of the SEC investigation may be.

Dear DMM Community:.

Dear DMM Community: In response to recent questions from our community, we are providing additional information about the decision to wind-down the project. On or about December 15, 2020, The DeFi Money Market Foundation received an investigative subpoena from the United States Securities and Exchange Commission (SEC). Among other things, the subpoena requested information about the mTokens, DMG tokens, and other details surrounding DMMF’s operations and governance. We reviewed the subpoena carefully and with the assistance of counsel began complying with the legal requirement to produce documents and make other information available to the SEC. During that process, the SEC staff raised concerns that the offer and sale of mTokens and DMG tokens was made without compliance with the registration requirements of the United States federal securities laws. We have begun negotiations with the SEC staff to resolve its investigation, and in an effort to reach a mutually agreeable resolution, we have concluded that an orderly wind-down of the project is best. In addition, we have taken steps to ensure that mToken redemption, including interest, is available to all mToken holders. We are developing a plan to return all available DMG assets to DMG holders as soon as possible. As of right now, there is no token redemption program active. We will post through our usual social media channels and website once a redemption program is ready to be disclosed. Please be aware of scammers that are attempting to launch fake redemptions. The SEC’s investigation is ongoing and, at this time, we are unable to predict what the ultimate timing or outcome of the SEC investigation may be.

DMM: Governance

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