The US SEC has issued a subpoena to Sushi Swap and its CEO
According to reports, the US Securities and Exchange Commission recently issued a subpoena to Sushi and the new CEO of Sushi Swap, Jared Grey. Grey asked Sushi DAO to fund a USDT legal defense fund of $3 million to cover expenses related to the SEC investigation. Sushi sought to establish a legal entity last year to reduce the responsibilities of contributors and DAOs.
Interpretation of this information:
The US Securities and Exchange Commission (SEC) has reportedly issued a subpoena to Sushi and Jared Grey, the new CEO of Sushi Swap, indicating a deeper investigation into the company’s activities. To cover expenses related to this SEC investigation, Grey has asked Sushi DAO to fund a USDT legal defense fund of $3 million, an indication that the probe may be more extensive than initially thought. This request by Grey also hints at the potential financial impact of the investigation on Sushi and its contributors.
Sushi’s efforts to establish a legal entity last year can be seen as a preemptive measure, with the aim of reducing the responsibilities of contributors and DAOs. This move is likely a response to the uncertainty of crypto regulation, with Sushi and other projects seeking to mitigate risks and legal liabilities. However, it remains to be seen whether this will be enough to shield Sushi from the SEC investigation and potential enforcement actions.
The implications of the SEC subpoena and Grey’s request for funding are noteworthy for the broader crypto community. The probe raises concerns about the regulatory landscape for DeFi projects, particularly given the SEC’s recent enforcement actions against other crypto companies. Consequently, projects that have not taken adequate legal measures to protect themselves may face similar challenges as the SEC steps up its scrutiny of the industry.
Overall, the SEC subpoena to Sushi and Grey’s funding request highlight the need for projects to take regulatory compliance seriously, particularly as the crypto industry continues to evolve and mature. Projects must be vigilant in complying with existing laws and regulations, and strive to anticipate and mitigate potential legal risks. Failure to do so could lead to significant financial and reputational damage, and potentially even legal action.
This article and pictures are from the Internet and do not represent 96Coin's position. If you infringe, please contact us to delete:https://www.96coin.com/46040.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.