Sushi DAO to Set Up a $3M Legal Defense Fund

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Jared Gray, the CEO of SushiSwap, has proposed to the Sushi DAO that they set up a $3 million legal defense fund after both he and the organization received subpoenas from the US Securities and Exchange Commission (SEC).

Gray has recalled that he had previously tried to create a legal structure back in March 2022 in order to reduce the risk for both the DAO and its participants.

He said:

“Nevertheless, it has become clear that funds must be available to meet the legal needs for business continuity and the protection of key stakeholders.”

Gray did not provide any further details about the subpoenas and noted that they are currently cooperating with the SEC, and do not intend to publicly comment on any ongoing investigations or other legal issues.

The proposed fund would cover “reasonable attorney fees and expenses” and would be held in a multi-sig wallet, to be allocated to legal representation as needed until the proceedings are completed.