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.
Latest posts by Ryan Littlestone (see all)
- Kick your summer off with our NFP competition! - July 4, 2022
- Catch the all new Flow Show starting Monday 16th May - May 13, 2022
- Has the EUR worm turned? - April 21, 2022