On Friday, members of Sushi DAO approved a proposal to hire Gresham International. The global law firm will be tasked with creating a legal framework that takes into account the legal frameworks of other countries while offering inbuilt protection to members.
The proposal enjoyed massive backing from the Sushi community, with more than 99% of the voting power rallying behind the idea. The governance round received a total of 443 votes.
SushiSwap began implementing a legal structure in October 2022 following a ratified proposal to launch three separate entities in Panama and the Cayman Islands. The idea was to create a foundation, known as the DAO Foundation, in the Cayman Islands to administer the SushiDAO in real life. The two other entities called the “Panamanian Foundation” and the “Panamanian Corporation” were supposed to administer the existing Sushi protocol as well as manage the front end of the protocol.
Prior to this, a member of the DAO began the initial governance discussion proposing hiring the law firm Fenwick & West LLP to provide legal guidance and services in April 2022. According to the recently passed proposal, Gresham offered “a more robust model outside of the scope of Fenwick’s model.”
Gresham’s new partnership with Sushi DAO comes on the heels of an alleged subpoena from the U.S. Securities and Exchange Commission (SEC) against the DAO and its Head Chef, Jared Grey. Back in March, Grey disclosed that the SEC was investigating the DAO without giving further details.
The news came in the form of a proposal to create a Sushi DAO legal defense fund with $3 million. Surprisingly, there has been little to no update from the Head Chef on the status of the subpoena.
