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Crypto Exchange SushiSwap Approves Restructuring, Will Create 3 Firms for DAO
The development of the decentralized autonomous organization will be managed by three organizations, which will be based in Panama and the Cayman Islands.
The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring by an overwhelming majority.
The Sushi DAO community passed the plan, which was proposed earlier this month, on Wednesday with 100% of the votes in favor of the proposition.
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DAOs are entities with no central leadership, although SushiSwap is notable because it has a “head chef” to help run the show.
The proposal came after increased scrutiny over DAOs with the Commodity Futures Trading Commission suing Ooki DAO for alleged violations of U.S. investment laws. Crypto advocates have also come out 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, approving grants and looking after other administrative functions.
A Panama-based foundation will be created to develop the existing Sushi protocol, and another Panama-based firm, which would be a subsidiary of the foundation, will also be created to develop the front end of the platform.
SushiSwap took advise from law firm Fenwick & West LLP to divide itself it into three legal entities based in Panama and the Cayman Islands.
Read more: With Crypto Governance in CFTC Crosshairs, SushiSwap Mulls Legal Shakeup
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
