$SUSHI token price drops 5% after SECGov issues subpoena to the DeFi platform
He outlined the goal of creating a legal defense fund of $3 million in Tether to cover various legal costs. Grey stated that SushiSwap is cooperating with the SEC and does not intend to comment publicly on ongoing investigations or other legal matters.
The defense fund is set to support the core contributors who have been actively involved in Sushi 2.0. The fund will cover attorney fees and other related expenses throughout the legal proceedings, regardless of whether or not a contributor is no longer associated with the organization. The payments from the fund will continue until the legal proceedings come to an end.
In Grey's proposal, the project's funding sources include Kanpai fees, grants, and SUSHI market sales, with the goal of easing the financial strain while ensuring adequate funds for legal costs. The funding strategy aims to safeguard the financial stability of SushiSwap DAO while also addressing the pressing legal issues.
In the event that the initial funds deplete, Grey's proposal includes a contingency plan for the DAO to make an additional $1 million in USDT available as needed until legal proceedings conclude. Grey cited the recent establishment of a similar legal defense fund by MakerDAO as a precedent for his proposal. He argued that DAOs must execute similar proposals to help manage liability for core contributors in the face of an uncertain international regulatory environment for decentralized organizations.
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