Tezos - first out of many unicorn ICOs to falter

So, many of you have probably already read the reports on the troubles of Tezos by now. And I would argue it's not unexpected nor is it going to be the first time we seem these things unravel in the booming ICO universe.

After raising what has now grown into almost $400m, a team with very little experience running a successful multinational business, let alone with that amount of funds at hand is, at best, going to struggle to steer the project in one smooth direction. New ideas popping up, (what feels like) unlimited funds at hand, nothing is stopping you from thinking even bigger and bolder than before. I would argue that infighting is even to be expected in such a situation, the questions is whether we get to hear about it or not.

So how big of an issue is the Tezos situation then? To me the biggest problem isn't even the team fighting or potentially changing roles (even though this certainly could be a big loss), but how the Tezos network and subsequent launch of tokens is getting delayed. And the delay seems to be largely due to legal issues with the whole setup of the Tezos business model. If the SEC sniffs this and decides to act since Tezos recived deposits from US persons, does this mean they will either lose the while investment, or get a refund? At this stage I'm not sure anyone knows which one would be the preferred route..