• Sushi DAO’s head chef, Jared Grey, has released a statement addressing the subpoena served by the US SEC against him and the protocol.
• The statement is an FAQ format that answers frequently asked questions about the matter.
• The head chef requested for $3 million in USDT as a legal defense fund to cover potential legal proceedings.

Subpoena Served By SEC

The United States Securities and Exchange Commission (SEC) served the Sushi DAO and its head chef, Jared Grey, a subpoena on Tuesday, March 21st indicating that it was investigating both parties for violating U.S securities laws. This was presumably over SushiSwap’s native token – SUSHI.

Head Chef Addresses Growing Concerns

In response to these growing concerns of the community, Jared Grey addressed them with an FAQ format blog post on Friday which answered all frequently asked questions he had received since news of the subpoena broke out.

Legal Defense Fund Established

As part of this response, he requested for $3 million in USDT as a legal defense fund to cover any potential legal proceedings that may arise from this investigation into their activities by the SEC.

No Violation Of Any Laws Claimed

Grey stated that according to himself and his legal counsel in person Jason Gottlieb of Morrison Cohen LP neither he nor Sushi DAO has done anything wrong or violated any law. He also said that the investigation does not mean that either party has been found guilty and it is simply a “non-public fact-finding inquiry” being conducted to assess whether there had been a breach of U.S securities laws or not.

Unused Balance To Be Returned To Treasury

Any unused balance during these legal proceedings will be returned back to Sushi’s treasury after completion and so far no further details have been provided by either Grey or Gottlieb regarding this issue at hand but they have promised more information soon.