Aaryamann Shrivastava
FXStreet
- Sushi DAO CEO proposes to establish a legal fund in USDT to cover the attorney’s fees for core contributors.
- The Securities and Exchange Commission (SEC) served the DEX and its CEO Jared Grey with a subpoena for reasons unknown at the moment.
- SushiSwap price has fallen over 5% over the last hours to trade around $1.15.
The regulatory crackdown on the crypto market has been growing over the past few months, with the Securities and Exchange Commission (SEC) doubling down in its efforts. In line with the same, on March 21, Sushi became the next on the list to tangle with the regulatory body.
Sushi subpoenaed by SEC
In a blog post on March 21, Sushi DAO announced that the SEC issued a subpoena for the Decentralized Exchange (DEX) company. The subpoena also included the Chief Executive Officer (CEO) of Sushi, also known as the Head Chef, Jared Grey.
While the reason remains unknown at the moment, Sushi is already taking the necessary steps to deal with the situation. Sushi also stated that they were cooperating with the SEC and that there was no intention to comment publicly on the ongoing investigations.
In response to the subpoena, the CEO proposed establishing a legal defense fund to cover the legal costs that may occur. The proposal seeks $3 million from the Sushi DAO in the form of USDT. The Sushi DAO Legal Defense Fund would be used to provide coverage for the attorney fees and costs for just its core contributors.
This fund, per the proposal, will include money from three different sources. The CEO suggested that 50% of the fund would come from the Kanpai fees, another 35% from Grants and the remaining 15% from Sushi Time-Weighted Average Price selling.
The proposal also noted that if the funds deplete, the DAO will add another $1 million in USDT until the legal proceedings come to an end. The Securities and Exchange Commission provided no statement regarding the same.
SUSHI/USDT 1-day chart
The SushiSwap price is trading at $1.140 at the time of writing, having retreated from a daily high of $1.219. SUSHI is also currently one of the only few coins that did not follow the broader market cues and failed to recover from the late February decline of 28.5%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.