The U.S. Securities and Exchange Commission (SEC) has reached a settlement with Mango DAO, Mango Labs LLC, and Blockworks Foundation over allegations that their MNGO token was an unregistered security and that the entities offered unregistered broker services. As part of the settlement, the entities will destroy their MNGO tokens, cease trading the tokens, and pay a total of $700,000. The settlement is still subject to court approval. Mango DAO had previously held an open vote on whether to adopt the settlement offer proposal, which passed. The SEC's press release stated that Mango DAO, Blockworks Foundation, and Mango Labs neither admitted nor denied the charges. The SEC emphasized that any entity offering securities-intermediary functions needs to register or be exempt from registration.



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