SushiSwap Chief Chef Jared Grey Receives SEC Subpoena
Chief SushiSwap Chef Jared Grey has disclosed that he received a subpoena from the U.S. Securities and Exchange Commission (SEC) related to Sushi, a decentralized finance (DeFi) platform built on the Ethereum blockchain. The SEC’s investigation is confidential, but Grey’s legal counsel, Morrison Cohen LLP’s Jason Gottlieb, has created a non-privileged FAQ to address frequently asked questions from the public and provide additional information.
Grey Takes Measures to Protect Sushi Community during SEC Probe
Grey made it clear that only records that are in his physical possession, ownership, or control can be produced. He cannot represent the entire Sushi community. He emphasized that the SEC’s inquiry does not imply guilt on his or Sushi’s part. The SEC investigation is simply an internal probe to determine if any federal securities laws have been breached.
Chief Sushi Chef Jared Grey has taken steps to protect his business and the Sushi community during the SEC’s investigation into Sushi. Grey’s legal counsel, Morrison Cohen LLP’s Jason Gottlieb, has created a non-privileged FAQ for the public to provide additional information. While the investigation is confidential, Grey has revealed that he has received a subpoena from the U.S. SEC in connection with Sushi.
Chief Sushi Chef Jared Grey Establishes Defense Fund Sushi DAO Legal
Grey clarified that only records in his physical possession, ownership, or control can be produced and that he cannot represent the entire Sushi community. He emphasized that the SEC’s inquiry does not imply guilt on his or Sushi’s part, nor does it reflect a negative view of any asset. The SEC investigation is simply an internal probe to determine if federal securities laws have been breached.
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To ensure business continuity and key contributor protection during the investigation, Grey has established a fund to manage legal requirements. The Sushi DAO Legal Defense Fund covers legal representation up to a predetermined limit for core donors and multisig participants who have adopted Sushi 2.0. If Morrison Cohen’s time charges and disbursements do not use up all the money in the on-account payment, the client will receive a refund of any unused portion of the retainer.
Grey’s FAQ provides clarity on the SEC’s investigation into Sushi. While the inquiry is confidential and Grey cannot reveal too many details. He has taken steps to protect his business and the Sushi community during the process. Grey’s disclosure and proactive measures demonstrate his commitment to transparency and responsibility. These steps are critical in the DeFi industry’s fast-evolving regulatory landscape.
