Скачать или смотреть Top Swiss cryptocurrency lawyer questions 'stupid' ICO structure

Top Swiss cryptocurrency lawyer questions 'stupid' ICO structure.
ZURICH (Reuters) - One of the top lawyers in the booming cryptocurrency industry says the legal structure he helped set up to raise funds for new virtual currencies is “old, inflexible and stupid” and may no longer be fit for purpose.

The Swiss lawyer’s comments come as regulators around the world increase their scrutiny of initial coin offerings (ICOs), the digital fundraisers that precede a currency’s launch.

There is also growing scrutiny from investors. The Zug-based Tezos Foundation is facing U.S. class-action lawsuits from those who say they were misled and defrauded in its ICO.

Luka Mueller’s MME law firm helped set up foundations in Switzerland for Tezos and some of the world’s biggest ICOs, including those of Bancor and Ethereum. Many foundations applied for non-profit tax status. The money raised in the ICO is treated as a donation that may not be returned.