Share this article
Sushi DAO, Key Contributor Served With SEC Subpoena
The sushi token dropped 5.5% on the news.
Updated Mar 22, 2023, 5:54 p.m. Published Mar 21, 2023, 5:11 p.m.
Make us preferred on Google
Sushi DAO and Head Chef Jared Grey were served with a subpoena by the U.S. Securities and Exchange Commission, the decentralized autonomous organization revealed Tuesday.
Grey proposed creating a "Sushi DAO Legal Defense Fund" in a forum post, saying it would "cover legal costs for core contributors." The proposal recommends making $3 million in tether available for core contributors, with another $1 million worth of USDT available in case the initial $3 million are used up.
STORY CONTINUES BELOW
"We’re cooperating with the SEC. We do not intend to comment publicly on ongoing investigations or other legal matters," the forum post said.
Under the proposal, the fund would pay for attorneys' fees and other costs for any core contributors who have been part of the project since April 2022, when "Sushi 2.0" was ratified. The funds would be paid out until any legal proceedings are ended.
One of the initial comments on the forum post asked how the DAO known as Sushi was subpoenaed, with the user saying they did not receive it despite being a member of the DAO.
The sushi token dropped by 5.5% on the news, and is currently changing hands at $1.156 after falling from a peak of $1.216.
UPDATE (March 21, 2023, 17:17 UTC): Adds additional detail.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
