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.
Ryan Littlestone
Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
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