• The U.S Securities and Exchange Commission (SEC) served a subpoena to Sushi DAO and its head chef Jared Grey for allegedly violating U.S securities laws.
• In response to the subpoena, Jared released a blog post on Friday addressing the concerns of the Sushi community.
• He claims that neither he nor Sushi DAO has done anything wrong and requested $3 million in USDT as a legal defense fund to cover any potential legal proceedings.
SEC Subpoenas Sushi DAO & Head Chef
The United States Securities and Exchange Commission (SEC) recently served a subpoena against Sushi DAO and its head chef, Jared Grey, indicating they were investigating both parties for allegedly violating U.S securities laws over SushiSwap’s native token – SUSHI.
Jared Grey Addresses Growing Concerns
In response to the news about the SEC’s subpoena, Jared Grey decided to address the growing concerns of the Sushi community by releasing an FAQ format statement in a Friday blog post on the Sushi Forum.
Grey Claims Neither He Nor Sushi Have Violated Any Laws
In his statement, Grey claimed that neither he nor Sushi DAO have done anything wrong according to his knowledge and legal counsel from Morrison Cohen LP Jason Gottlieb. When asked if the SEC shared this belief with him, he stated: “The investigation does not mean that the SEC has concluded that Jared, Internet Three Software Company, or Sushi has violated any law.”
Request For Legal Defense Fund
In order to cover any potential legal proceedings associated with this investigation, Grey requested $3 million in USDT be released as a legal defense fund which will be used to handle operational continuity and protect core contributors involved with protocol development. Any unused balance during these proceedings will be returned back into the protocol’s treasury where it belongs.
V3 Unveil Coming Next Week
Finally, despite all these developments, Grey also revealed in his blog post that coming next week they plan on unveiling their highly anticipated V3 update which is expected to bring tremendous value additions across various sectors of DeFi space such as yield farming opportunities for users participating in their governance system among other features