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Sushi's chef addresses community concerns amid SEC subpoena

Published on

April 9, 2023
Read Time:2 Minute, 6 Second

Japan-based Decentralized Autonomous Group (DAO) sushi government chef Jared Grey and his lawyer mentioned that, so far as they know, nobody related to sushi has violated US federal safety legal guidelines. Grey affirmed that he was cooperating with a subpoena from the USA Securities and Alternate Fee (SEC).

On a 8.4 opinionGrey answered essentially the most regularly requested questions from the group concerning the subpoena in a Steadily Requested Questions (FAQ) format.

He steered it was unknown if The SEC will continue to issue subpoenas to others associated with sushi in the future.

"One way or another, we don't know if the SEC has claimed to serve a subpoena on another person or entity that it believes represents the sushi community," Gray said.

Gray and his attorney assured the community that the investigation did not imply wrongdoing, saying:

"The investigation does not mean that the SEC has concluded that Jared, Internet Three Software Company or Sushi broke any law. Nor does the investigation mean that the SEC has a negative opinion of any person, company, or asset.”

Gray acknowledged Sushi DAO's legal defense fund — a dedicated $3 million fund he proposed to the community March 21 after the subpoena was served — and said he's trying to ensure adequate funds are in place to "defend the." Meet legal requirements for business continuity and protect core contributors.”

He stressed that any unused funds from the Sushi DAO Legal Defense Fund will be refunded provided all legal expenses are covered.

See also: zkSync Era launches with Uniswap and Sushi – First zkEVM on mainnet

Following the statement, Gray told his Twitter followers on April 9 that they could expect Sushi's newly launched concentrated liquidity model, v3, to be officially announced next week.

We have yet to officially announce V3 on Sushi (early next week friends), but we've already seen a 100% increase in V3 TVL in the last 24 hours. Things will get interesting in the coming weeks as more than 30 networks support V3 on the second most popular OG DEX, Sushi.

— Jared Gray (@jaredgrey) April 8, 2023

Grey instructed Cointelegraph that he "cannot remark any additional than what's said within the FAQ."

This comes after information on Feb. 1 that MakerDAO, the issuer of Dai (DAI), has arrange a $5 million authorized protection fund to function a self-insurance instrument for its individuals, with the builders noting that such prices couldn't be transferred by way of traditional insurance coverage.

Journal: US Regulation Enforcement Businesses Flip Heads Over Crypto-Associated Crime



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : April 9, 2023
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