Sushi “head chef” Jared Grey requested a $3 million legal defense money from Sushi DAO after the Securities and Exchange Commission sued Sushi.
The Securities and Exchange Commission recently sued sushi and “head chef” Jared Grey, the decentralized financing startup said on Tuesday.
Grey requested that Sushi DAO finance a $3 million USDT legal defense fund to pay SEC-related expenses. Last year, Sushi attempted to form a legal organization to lessen donors’ and the DAO’s responsibility.
“We are cooperating with the SEC,” Grey said on his blog. “It has become clear that funds must be made available to handle legal requirements for operational continuity and to protect key contributors.”
The SEC did not reply promptly to a request for comment, and Grey said that Sushi had “no intention of commenting publicly on ongoing investigations or other legal matters.”
The Sushi DAO Legal Defense Fund would fund “reasonable” legal expenses and charges for critical contributors engaged since Sushi 2.0 was ratified one year ago. Kanpai fees, grants, and Sushi will generate the revenues. If the money runs out before the legal challenges are resolved, the DAO will make available as required $1 million USDT.
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