Crypto Exchange SushiSwap Approves Restructuring, Will Create Three Firms for DAO

Business

The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring with an overwhelming majority.

The Sushi DAO community passed the proposal, which has proposed earlier this month, on Wednesday with 100% of the votes in favor of the proposition.

The proposal came after increased scrutiny over DAOs, organizations with no central leadership, with the Commodity Futures Trading Commission suing Ooki DAO for alleged violations of U.S. investment laws. Crypto advocates have also come ahead in support of Ooki DAO.

A Cayman Island-registered foundation will be formed to look over the DAO and in turn the exchange. The foundation will be responsible for maintaining treasury reserves, approve grants, and look after other administrative functions.

A Panama-based foundation will be created to develop the existing Sushi protocol. A Panama-based firm, which would be a subsidiary of the foundation, will also be created to develop the front-end of the protocol.

SushiSwap took advise from law firm Fenwick & West LLP to divide itself it into a trio of legal entities based in Panama and the Cayman Islands.

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Crypto Exchange SushiSwap Approves Restructuring, Will Create Three Firms for DAO

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