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.
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