Sushi DAO head chef Jared Gray has released a statement regarding the subpoena issued against himself and the protocol by the United States Securities and Exchange Commission (SEC).
on a friday blog post At the Sushi Forum, Gray decided to address the growing concerns of the Sushi community using an FAQ format that he claims answers the most frequently asked questions he’s received since the SEC subpoena news broke.
As part of its ongoing regulatory crackdown on the crypto space, the SEC sent Sushi DAO and its head chef a subpoena on Tuesday, March 21, indicating that the commission was investigating both parties for violating the securities laws of US, presumably by SushiSwap’s native token: SUSHI. .
In response to the subpoena, Gray stated that the protocol was cooperating with the SEC. However, the head chef requested the release of $3 million in USDT as a legal defense fund to cover the cost of any potential legal proceedings.
Jared Grey: We haven’t broken any laws
In the blog post published Friday, Jared claims that neither he nor Sushi DAO have done anything wrong, to the best of his and his personal legal counsel Jason Gottlieb of Morrison Cohen LP.
Responding to a question about whether the SEC shared the same belief with him, he said:
“The investigation does not mean that the SEC has concluded that Jared, the Internet Three Software Company or Sushi have violated any law. In addition, the investigation does not mean that the SEC takes a negative view of any person, entity, or asset.”
Gray then deemed the SEC subpoena merely a “non-public investigative investigation” conducted to assess whether there was a violation of US securities laws.
The chef also provided further details on the use of the $3 million legal defense fund, stating that it is necessary to “handle legal needs for operational continuity and protect major contributors.”
Gray has also stated that any unused balance during legal proceedings will be returned to the protocol’s treasury.
Sushi will present V3 next week
Following his statement on Friday, Gray informed the Sushi community via Twitter yesterday that the protocol will officially announce the highly anticipated SushiSwap V3 early next week.
The Sushi Head Chef also stated that there would be more than 30 networks supporting this protocol update upon its release. Jared’s tweet has resulted in some much-needed excitement among the sushi community following the backlash caused by the SEC subpoena in recent weeks.
That being said, the SUSHI token is currently trading for around $1.09, having dropped 2.3% in the last day and 0.1% in the last seven days.
SUSHI trading at $1.08 | Source: SUSHIUSD Chart on Tradingview.com
Featured Image: PYMNTS, Tradingview Chart
