Binance, Kucoin, Tron (TRX), Amp (AMP) and a number of crypto companies and projects have recently come under the scrutiny of US regulators. Another popular DeFi altcoin has been added to this list. Its CEO today officially approved the counter-action to the SEC lawsuit filed in March.
This altcoin has released the official statement regarding the SEC investigation
Popular decentralized exchange SushiSwap (SUSHI) has come under investigation by the SEC. Sushi’s Chief Executive, Jared Gray, confirmed that he received a subpoena from the SEC last month requesting documents and information regarding Sushi.
Gray’s official SEC statement reveals that the SEC’s investigation is a non-public, fact-finding investigation that seeks to determine whether federal securities laws have been violated and have come to no conclusions. Gray is cooperating with the SEC’s subpoena, and his employer, Internet Three Software Company, is also voluntarily responding to the summons to cooperate with the investigation.
The Sushi CEO hired Jason Gottlieb of Morrison Cohen LLP to represent him in response to the SEC subpoena. Morrison Cohen represents only Gray and his employer in connection with the SEC’s investigation into Sushi. The law firm has extensive experience representing companies and individuals in response to regulatory and law enforcement inquiries, particularly in the cryptocurrency space.
The investigation will inevitably be costly, and Gray offered to create the Sushi Legal Defense Fund, which will cover reasonable attorneys’ fees and costs for key contributors and multisig participants active since the approval of Sushi 2.0. The amount of the fund has been set at 3 million USDT, with current funding provisions totaling 5 million USDT to secure sufficient funds to protect the contributors mentioned above.
What’s next?
Gray’s official statement and FAQ stress that the investigation does not mean that the SEC has concluded that Gray, Internet Three Software Company or Sushi violated any law. The SEC’s investigation was a non-public, fact-finding investigation that sought to determine whether there had been any violations of federal securities laws.
To Gray’s knowledge, the SEC (as of this writing) has not come to any conclusions that anyone affiliated with Sushi is in violation of US federal securities laws. Therefore, it is unknown the outcome of the investigation or whether a Sushi-related subpoena was sent to other organizations or individuals.
Due to the SEC’s process, neither Gray nor his attorney shared further information on documents or information sought in the SEC’s subpoena. Gray may only submit documents and information in its possession, custody or control. As a DAO, Sushi consists of a software protocol and people around the world who use it in various ways. Gray may defend the interests of the Sushi community, but he will likely not be able to “represent” the entire community.
SEC lawsuit comes at a time when altcoin market is under scrutiny
cryptocoin.comAs you follow, Binance was revoked by the CFTC in March. Shortly after that, the SEC sued Tron and his currency on charges of market manipulation. The Sushi investigation comes at a time when these cases are overshadowed.
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