SushiSwap CEO Jared Gray and his legal team stated that, to the best of their knowledge, no one associated with SushiSwap violated US federal securities laws, while assuring that they would cooperate with the US Securities and Exchange Commission (SEC) Subpoena related investigations.
Last month, Jared Gray received a subpoena from the US Securities and Exchange Commission for documents and information related to SushiSwap. In a statement posted as an FAQ on April 8, Jared Gray addressed the community’s most pressing questions about subpoenas.
He said it was unclear whether the SEC would issue subpoenas to other individuals or entities related to SushiSwap. “We are not aware of whether the SEC has claimed to have subpoenaed any other individuals or entities it believes represent the sushi community,” Jared Gray said. He assured the public that the investigation did not imply any wrongdoing. “The investigation does not mean that the SEC has determined that Jared, Internet Three, or Sushi violated any law,” he said.
Furthermore, the investigation does not imply that the SEC holds a negative view of any person, entity or asset. Jared Gray acknowledged the news about the Sushi DAO Legal Defense Fund, a $3 million dedicated fund he proposed to the community on March 21 after the subpoena was served.
He said efforts were being made to ensure sufficient funding was available “to meet the legal requirements for continuity of operations and to protect core contributors”. He emphasized that any unused funds in the Sushi DAO Legal Defense Fund should be returned as long as all legal fees are paid.
As previously reported, in March, the SEC issued subpoenas to SushiSwap and its newly appointed “chef” (i.e., CEO) Jared Gray.
Jared Gray asked Sushi DAO to fund a $3 million USDT legal defense fund to cover costs related to the SEC investigation. Sushi sought to establish a legal entity last year to reduce the liability of contributors and the DAO.
