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CEO of Sushi Swap Seeks $3 Million Legal Defense Fund Following SEC Subpoena

Cointime Official

Jared Grey, the CEO of automated market maker Sushi Swap, is trying to launch a $3 million legal defense fund to cover legal costs, this move follows a subpoena from the Securities and Exchange Commission (SEC).

“The international regulatory environment for DAOs remains in flux, and the options for contributor insurance policies remain limited,” Grey wrote in the proposal. “ it has become evident funds must be available to handle legal needs for operational continuity and to protect core contributors.”

According to the proposal, the DAO will raise funds using a blend of Kanpai fees (50%), grants (35%), and sales of the SUSHI token (15%).

The 3 million fund will reside in a new multisig, making funds available for legal representation as needed.

Screenshot: https://forum.sushi.com/t/establish-sushi-legal-defense-fund/11813
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