SushiSwap CEO Proposes Legal Defense Fund Amid SEC Serving Subpoena
- The firm is in the midst of conversations with the financial watchdog.
- Jared suggested a budget of $3 million USDT be put aside by the Sushi DAO.
The U.S. Securities and Exchange Commission (SEC) has subpoenaed SushiSwap and its CEO, Jared Grey, shocking the cryptocurrency market. The firm is in the midst of conversations with the financial watchdog. And has so far refrained from making any public comments related to the probe.
Moreover, Jared Grey reported on the development of Sushi’s new governance plan. It seeks to create a “Legal Defense Fund” to pay for legal expenses incurred by the primary contributors. Jared suggested a budget of $3 million USDT be put aside by the Sushi DAO. The organization in charge of the decentralized protocol’s governance and maintenance.
Held in New Multisig Wallet
Also, legal fees incurred in response to investigations, lawsuits, and other matters involving key donors will be covered by this account. And will be held in a brand-new multisig wallet.
Moreover, in addition, he notes that Sushi (Sushi Legal Structure), per the March ’22 plan, aimed to construct a legal entity to reduce the contributors’ and the DAO’s legal liability. To maintain “operational continuity and to protect essential contributors,” however, it has become plainly evident that resources must be made available to handle the legal responsibilities.
Furthermore, according to Jared’s plan, the Sushi DAO would establish a Legal Defense Fund to pay for any and all legal bills and charges brought against any key contributors who have been active from the moment Sushi 2.0 was ratified to the current day. If a contributor resigns or is sacked without cause. The Legal Defense Fund will keep making payments until the matter is resolved.
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