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Sushi Hit With SEC Subpoena, Seeking $3 Million USDT Legal Defense Fund

The Securities and Exchange Commission recently served Sushi and "head chef" Jared Grey with a subpoena, the decentralized finance company said on Tuesday. 

Grey asked Sushi DAO to fund a $3 million USDT legal defense fund to cover costs related to the SEC’s inquiry. Sushi sought to establish a legal entity to reduce liability for contributors and the DAO last year. 

The Sushi DAO Legal Defense Fund would cover “reasonable” attorney fees and costs for core contributors who have been active since the ratification of Sushi 2.0 last year. The funds will come from a combination of Kanpai fees, grants and Sushi. If the money runs out before the legal issues conclude, the DAO will make $1 million USDT available as needed.

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