The SEC served SushiSwap and its CEO with a subpoena

The Securities and Exchange Commission (SEC) of the United States has taken aim at yet another crypto-entity. This time, the commission served a subpoena on SushiSwap, a decentralized exchange. Jared Gary, the CEO of the DEX, was also served with a subpoena.


SushiSwap’s CEO, Jared Grey

The SEC issues a subpoena requiring the production of certain documents related to a matter under investigation by the agency. The news was made earlier today on the community’s forum, with Gary indicating that they were currently cooperating with the regulatory authority.

But, the administration is also proposing the establishment of a legal defense fund to “pay legal costs of essential contributors” who have been engaged since the ratification of Sushi 2.0. In April 2022, the 2.0 restructure proposal was made.

Significantly, Gary’s proposal is that the Sushi DAO set aside $3 million in USDT stablecoin for the core members’ legal expenses. Furthermore, this money will be housed in a new multi-sig, allowing the team to access them as needed.

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