Sushi DAO Seeks to Set Up Legal Defense Fund, Receives US SEC Subpoena

• Sushi DAO, a Web3 exchange and staking platform, is proposing a legal defense fund to cover any legal cases that may come its way.
• The proposal includes $3 million USDT from Kanpai and 50% of the Sushi fees and grants reserve.
• Recently, Jared Gray, head chef and main maintainer of the Sushi DAO, disclosed that they had received a subpoena from the U.S. Securities and Exchange Commission (SEC).

Sushi DAO Proposes Legal Defense Fund

Sushi DAO, the Web3 exchange that pivoted into a decentralized autonomous organization (DAO), is seeking to organize a legal defense fund.

Proposal Details

If approved, the proposal would put $3 million USDT as part of a fund to defend itself from legal actions against the organization and its members. The funds would come from Kanpai (50%) as well as Sushi fees and grants reserve (50%). If depleted, the organization would have to refund the initiative with $1 million USDT more until the end of the legal case.

Receipt of Subpoena From US SEC

Jared Gray, head chef and main maintainer of the Sushi DAO, announced that he had received a subpoena from the U.S. SEC but did not disclose details about it.

Similar Cases in The Past

This is not the first time that a U.S. government organization exerts legal action against a DAO. Previously in September 2020 ,the Commodity Futures Trading Commission (CFTC) alleged Ooki DAO had illegally offered trading services to U.S. citizens without having registered as a Designated Contract Market (DCM). The Ooki DAO case is still ongoing.

Makerdao’s Legal Defense Fund

< p > Makerdao also established a legal fund for covering similar expenses in December 2020 ,with coverage up to 5 million Dai . However , Makerdao’s proposal is more specific than Sushi’s; it includes definitions for beneficiaries and claims ,as well as periods for payments eligibility .

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