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Sushi DAO Head Chef Served With SEC Subpoena

CoinDesk | Nikhilesh De, Oliver Knight | March 22, 2023

Sushi - Sushi DAO Head Chef Served With SEC Subpoena

Sushi DAO and Head Chef Jared Grey were served with a subpoena by the U.S. Securities and Exchange Commission, the decentralized autonomous organization revealed Tuesday.

  • Grey proposed creating a "Sushi DAO Legal Defense Fund" in a forum post, saying it would "cover legal costs for core contributors." The proposal recommends making $3 million in tether (USDT) available for core contributors, with another $1 million worth of USDT available in case the initial $3 million are used up.
    • The sushi token dropped 5.5% on the news.
    • One of the initial comments on the forum post asked how the DAO known as Sushi was subpoenaed, with the user saying they did not receive it despite being a member of the DAO.
    • "We’re cooperating with the SEC. We do not intend to comment publicly on ongoing investigations or other legal matters," the forum post said.

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