Recently, it came to light that SushiSwap, a decentralized bitcoin exchange, was served with a subpoena by the U.S. Securities and Exchange Commission (SEC). Investors and users of the platform are understandably alarmed by the news, but the company is acting to rectify the situation.The leader of SushiSwap’s DAO, Jared Grey, recently made public his proposal to establish a 3 million USDT legal defense fund to handle the subpoena. The money will be used to pay for legal representation and any other costs associated with the SEC probe.
Grey stated that SushiSwap is taking the matter extremely seriously and that the suggestion was made in response to the subpoena. He said the company’s legal defense fund was just one example of its dedication to following the rules and regulations.Grey emphasized the need of taking into account the needs of both customers and shareholders. We consider the legal defense fund to be an integral part of our efforts to adhere to all current laws and regulations.
SushiSwap has been in touch with the SEC, Grey added, and they’re being completely cooperative with the investigation. He stressed the company’s dedication to openness and promised to keep customers and shareholders updated as the investigation unfolds.Although several SushiSwap users and investors are concerned about the platform’s survival in light of the SEC subpoena, the majority of users and investors are still bullish on the site. The decentralized bitcoin trading site SushiSwap has been gaining traction in recent months as an alternative to traditional controlled exchanges.
Notwithstanding the demand for evidence, SushiSwap’s native token, SUSHI, has been doing quite well. SUSHI is currently selling at roughly $16.50, up from its recent low of around $2.50.SushiSwap has received a lot of praise from members of the cryptocurrency community for its attempts to follow the rules. Some have even argued that the SEC’s probe could be good for the platform, since it could legitimate the decentralized exchange space and attract more institutional investors.
As a whole, the bitcoin community appreciates SushiSwap’s response to the SEC subpoena. A legal defense fund proposal and the company’s dedication to transparency and compliance have been welcomed as constructive responses. Despite the continuing probe, confidence in SushiSwap and decentralized exchanges as a whole remains high.