• The United States Securities and Exchange Commission (SEC) served the Sushi DAO and its head chef, Jared Grey, a subpoena on Tuesday, March 21.
• In response to the subpoena, Grey requested the release of $3 million in USDT as a legal defense fund to cover the cost of any potential legal proceedings.
• Grey claims that neither he nor Sushi DAO has done anything wrong according to his knowledge and legal counsel.

SEC Serves Subpoena Against Sushi DAO

The United States Securities and Exchange Commission (SEC) served a subpoena against the Sushi DAO and its head chef, Jared Grey, on Tuesday, March 21. This is part of an ongoing regulatory crackdown on the crypto space by the SEC.

Grey Requests Legal Defense Fund

In response to the subpoena, Jared Grey requested for $3 million in USDT to be released as a legal defense fund to cover any potential costs associated with legal proceedings.

Grey Claims No Wrongdoing

Jared Grey claims that neither he nor Sushi DAO have done anything wrong according to his knowledge and that of his legal counsel Jason Gottlieb from Morrison Cohen LP. He also stated that this does not mean that either party has violated any laws or regulations set forth by the SEC.

Purpose of Legal Defense Fund

The purpose of this legal defense fund is to handle any necessary operational continuity during these proceedings as well as protect core contributors from any potential harm arising from them. Any unused balance will be returned back into protocol’s treasury after all procedures are complete.

Sushi To Unveil V3 Next Week

Finally, despite all this news surrounding them, Jared Grey announced that Sushi will be unveiling version 3 next week which includes several exciting new features such as flash loans and automated market maker support for additional assets like ETH/ERC20 tokens