Decentralized finance cryptocurrency with platform To SushiSwap (SUSHI) and the altcoin’s CEO Jared Gray An SEC subpoena was served recently.
SUSHI price fell after the development:
A Fund will be Established for Legal Expenditures
In light of this development, the platform’s community has proposed the establishment of a legal defense fund to cover the legal costs of the main executives.
The proposed Sushi DAO Legal Defense Fund will make a total of 3 million USDT available to cover legal costs related to investigations, litigation and other legal issues targeting key executives.
The Fund will cover reasonable attorneys’ fees and costs for key contributors active since the approval of Sushi 2.0.
The proposed allocation of funds for the legal defense fund is as follows: from 50 Kanpai fees (lump payment), 35% grants (BD revenue), and 15% Sushi (TWAP market sales). Funds will be held in a new multisig account and will be spent until legal proceedings are concluded.
Should the legal defense fund run out of funds, the DAO will make available an additional 1 million USDT as needed until legal proceedings are concluded. The DAO will make financial disclosures in accordance with the Management Dashboard, scheduled to launch in Q2 2023.
The establishment of the Sushi DAO Legal Defense Fund aims to preserve the financial solvency of the platform and meet the urgent need for legal representation for the main developers. The international regulatory environment for DAOs is still variable, and insurance policy options for managers remain limited. Therefore, the funding is seen as a necessary step to ensure the operational continuity of the platform and protect the main developers.
*Not investment advice.
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