Decentralized finance exchange SushiSwap and its CEO Jared Grey were served a subpoena by the Securities and Exchange Commission last week, part of a regulatory crackdown on crypto that has left the DEX's CEO no longer 'inspired.' LizKNapolitano writes
– not through the centralized servers seen at the likes of Coinbase or Binance. It is governed day-to-day by Grey and shaped by governance token holders who vote on proposals.the community reserve $4 million of the protocol's treasury funds for a"Sushi DAO Legal Defense Fund." The fund, which is almost as much as the DAO's annual operating expenses, received swift backlash on the community's Discord channels, becoming a sticking point on Thursday's call.
"I've been advised by legal not to talk about subpoena in detail," Grey said."Just to say, 'Hey, you know, we've received one [and] we're cooperating with it,' and kind of leave it at that for now." Community members left more than a dozen comments questioning whether the legal defense initiative was a wise investment of the protocol's funds after the proposal was posted last week, with some even calling for Grey's resignation.
Negative attitudes toward the legal defense fund have percolated among the community's members as the protocol tussles with its. In December, the protocol reduced the project's annual runway requirement from $9 million to $5 million. And, around the same time, Grey revealed Sushi Swap had just less than 18 months of runway left in its treasury.
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