Sushi Head Chef Jared Grey Reveals Details of SEC Investigation With 17 FAQs

Key Points:

• Sushi Head Chef Jared Grey received a subpoena from the U.S. Securities and Exchange Commission seeking documents and information relating to Sushi.
• Jared retained counsel to represent him in response to the SEC’s subpoena, and he is cooperating with the investigation.
• The investigation is a non-public, fact-finding inquiry to determine whether there have been any violations of the federal securities laws, and the SEC has not made any conclusions.

Sushi Head Chef Jared Grey’s statement on the SEC’s non-public investigation into Sushi’s compliance with federal securities laws. Grey can only produce documents in his possession, custody, or control.

Sushi Head Chef Jared Grey has received a subpoena from the U.S. Securities and Exchange Commission seeking documents and information relating to Sushi.

The SEC’s investigation is a non-public, fact-finding inquiry trying to determine whether there have been any violations of the federal securities laws, but the investigation does not mean that the SEC has concluded that Jared, Internet Three Software Company, or Sushi has violated any law. Jared retained counsel to represent him in response to the SEC’s subpoena, and he is cooperating with the SEC’s subpoena. Jared’s employer, Internet Three Software Company, is also responding to the subpoena voluntarily to cooperate with the SEC’s investigation.

Morrison Cohen LLP, a law firm, represents only Jared and his employer, Internet Three Software Company, in connection with the SEC’s investigation concerning Sushi. At present, Morrison Cohen does not represent “Sushi” (as a community) or any other members of the Sushi community in connection with the SEC’s inquiry. Jared can only produce documents and information in his own possession, custody, or control. “Sushi,” as a DAO, consists of a software protocol and people around the world who use it in various ways. Jared can advocate for the interests of the Sushi community but cannot possibly “represent” the entire community.

Jared has proposed to create the Sushi Legal Defense Fund to handle legal needs for operational continuity and protect core contributors. The Sushi DAO Legal Defense Fund will provide coverage for reasonable attorneys’ fees and costs for core contributors and multisig participants active since the ratification of Sushi 2.0 to the present. The fund has an amount of 3 million USDT with provisions for total available funds of 5 million USDT.

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