The United States Securities and Exchanges Commission (SEC) has taken a swing at yet another crypto-entity. This time around the commission has issued a subpoena against SushiSwap – a decentralized exchange. In addition, Jared Gary – the CEO of the DEX – was also served with a subpoena. A subpoena issued by the SEC demands the production of certain documents relating to a case investigated by the commission.
The announcement was made earlier today on the community’s forum, with Gary stating that they were currently cooperating with the regulatory authority. However, the executive is also proposing the creation of a legal defense fund in order to “cover legal costs of core contributors” who have been active since the ratification of Sushi 2.0. The 2.0 proposal for the restructuring was made in April 2022.
Notably, Gary’s proposal wants the Sushi DAO to dedicate $3 million in USDT stablecoin for the legal expenditure of the core members. And, these funds will be stored in a new multi-sig, enabling the team to use it when required.
The story is still developing
Source: https://ambcrypto.com/breaking-sushiswap-and-its-ceo-served-with-subpoena-by-sec/