The head chef of sushi restaurant Sushi reiterated to community members on Tuesday that the restaurant will not be changing its practices in

Key Highlights :

1. Sushi, a Japanese decentralized autonomous organization (DAO), has been served a subpoena by the United States Securities and Exchange Commission (SEC).

2. The DAO head chef, Jared Grey, and his counsel have stated that as far as they know, no one associated with Sushi has violated U.S. federal security laws.

3. Grey reassured the community that the investigation does not imply any wrongdoing.

4. The DAO head chef proposed a $3 million legal defense fund to the community, in order to ensure adequate funds to "handle legal needs for operational continuity and protect core contributors".

5. Following the statement, Grey told his Twitter followers that they can expect Sushi's newly deployed concentrated liquidity model, V3, to be officially announced next week.

     Sushi’s head chef Jared Grey and his counsel described the investigation as a “non-public, fact-finding inquiry,” that doesn’t suggest the SEC has “any negative opinion of any person, entity or asset” related to the DAO.

     In a statement to CoinDesk, Grey’s lawyer, Benjamin Klein, said that the inquiry was initiated by the SEC after they received a referral from the DAO’s legal team.

     “The SEC’s inquiry is a fact-finding inquiry, and does not suggest the SEC has any negative opinion of any person, entity or asset,” Klein said.

     Klein went on to say that the inquiry is still in its early stages and that Grey is cooperating fully.

     The inquiry comes as the SEC continues to investigate the DAO, a digital asset that raised more than $150 million in a crowdsale in May.

     The DAO is still under investigation by the SEC, and last month, the agency filed a civil complaint alleging that two individuals involved with the DAO committed securities fraud.

     Grey is the head chef of Sushi, a Japanese restaurant in Washington, D.C. He is also a co-founder of Slock.it, a startup that is building a platform to allow users to rent out unused space in their homes.

     SEC image via Shutterstock

Continue Reading at Source : cointelegraph