Sushi To Set Up Shop In the Cayman Islands and Panama

Restructuring Plan Receives Overwhelming Support

By: Tarang Khaitan Loading...

Sushi To Set Up Shop In the Cayman Islands and Panama

On Oct.26, the Sushi DAO approved a restructuring plan which will see the formation of three entities in the Cayman Islands and Panama, with each overseeing a core function of the protocol.

The proposal garnered near-unanimous support from SUSHI holders, as more than 11M votes were cast in its favor, with a mere 178 votes against.

The three new entities that will be formed are a DAO Foundation, a Panamanian Foundation, and a Panamanian Corporation.

The DAO Foundation will be domiciled in the Cayman Islands to be overseen by a council with a dual mandate – to maintain on-chain governance, and facilitate off-chain activities. Its responsibilities will include managing the Sushi treasury, approving grants, and administering on-chain governance.

Another Foundation will be set up in Panama, with the sole purpose of maintaining and developing the existing Sushi protocol. This includes all smart contract features like Sushi’s order matching engine, Kashi, Bento Box and Sushi Bar.

Meanwhile, a corporation will be set up in Panama as a wholly-owned subsidiary of the Panamanian Foundation. It will be tasked with operating and developing Sushi’s website, or front-end.

According to the discussion thread, the entire restructuring process is expected to take four weeks after the proposal is passed.

Regulatory Fears

Sushi DAO’s decision to revamp its corporate structure comes at a time when regulators across the globe are cracking down on crypto. On Sept. 22, Ooki DAO was charged by the U.S. Commodity Futures Trading Commission (CFTC) with offering derivatives without a license.

This was an unprecedented move, as it’s the first time a DAOs has been charged by a regulatory body. In September, venture capital heavyweight Paradigm filed a friend-of-the-court brief supporting Ooki DAO, making it the third entity to do so, after the DeFi Education Fund and LeXpunK Army.

Head Chef Controversy

On Oct. 3, Jared Grey was elected as SushiSwap’s new head chef. This was after months of contentious deliberation within the community.

However, just days after Grey took the helm, allegations of impropriety started pouring in, embroiling the protocol in controversy yet again.

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Grey has categorically denied all the accusations levied against him. “I am so disheartened that there have been so many false accusations on Twitter that have recently gone viral without any substantial evidence to back them up,” Grey said.

SUSHI is up nearly 25% in the past week.