The SushiSwap Exchange took the advice of Fenwick & West and split the business into three independent legal entities – the DAO Foundation, the Panama Foundation and the Panama Corporation.
Law firm Fenwick & West proposed the restructuring after the Commodity Futures Trading Commission (CFTC) sued Ooki DAO for alleged violations of U.S. investment laws. Sentence supported 100% members of the Sushi DAO community.
SushiSwap and the decentralized autonomous organization Sushi DAO will now be managed and operated by three organizations based in Panama and the Cayman Islands.
The DAO Foundation will manage the network’s treasury, grants, and governance processes, and facilitate proposals and voting. The Panama Foundation will administer the existing Sushi protocol, while the Panama Corporation will focus on managing the external interface of the protocol.
Earlier, the international investment company GoldenTree announced that it had acquired a total of 3,027,916 SUSHI tokens worth $5.3 million. According to GoldenTree representatives, SushiSwap has “incredible potential and they are determined to work with everything related to SUSHI.”
Source: Bits
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