Top cryptocurrency lawyer calls ICO structure stupid

A Swiss Cryptocurrency lawyer, who helped set up the legal structure for ICO’s says the method is “old, inflexible and stupid”

A top lawyer has slammed the ICO process he helped set up, according to Reuters.

Luka Mueller’s law firm MME helped to set up foundations in Switzerland for Tezos
Tezos is involved in several US class action lawsuits over its $232m ICO with investors still waiting on their Tezzie tokens
Firm also involved in some of the biggest ICO’s including Bancor and Ethereum
Many wanted to open foundations to apply for non-progit tax status
Money raised in ICO was treated as non-returnable donations
Mueller now says firms should open companies and not foundations

Once again we’re seeing the ugly side of the crypto-world and this will all be further fodder for regulators who are already making moves to bring them under their wings.