Tezos - Is the Nightmare Over?
Hi investors, today we're talking about the latest news coming from the Tezos foundation.
Strap in!
Tezos.
After months of Shakespearean intrigues and drama, it looks like the Tezos community is finally catching a break.
It was announced a few hours ago that Johann Gevers, the much reviled head of the Tezos foundation, was finally stepping down along with another member of the board.
"The Tezos Foundation has unanimously appointed Ryan Jesperson and Michel Mauny to the Board. The two new members will replace Johann Gevers and Diego Olivier Fernandez Pons, who decided to voluntarily step down to optimally support the Foundation in the advancement of its mission.
[...]
With the appointment of the two new members to the Board, the Foundation is preparing itself to assist in the timely launch of the Tezos network."
Mr. Gevers had been under heavy fire for his inability to use the ICO war chest controlled by the foundation to move the project forward, leaving many investors worried that the project would never come to fruition and even to suspect that Mr. Gevers was attempting to hijack the funds for his own benefits.
The news came at the total surprise of the community which immediately took to Reddit to celebrate.
The announcement also triggered an immediate relief pump in the Tezos IOU market.
While the future definitely looks rosier for Tezos, the project might not be totally out of the wood yet.
Tezos' ICO was the biggest, most hyped crypto-crowdfund of its time, bagging around $250 million in crypto currencies from investors all over the world despite a bizarre roadmap and no legal guarantees for investors. All contributions were branded as donations to the Tezos Foundation, which was set in Switzerland so to evade more stringent taxes and to limit the liability of the dev teams in case the ICO would go wrong (ironically).
Now, with the feud with the foundation in the rear view, there remain to see if the US regulators will take action. Tezos was with little doubt an illegal sale of securities aimed (partly) at US citizens so I am curious to see what sorts of legal complications could come out of this situation.
The case could be made that the SEC could attempt to request the Foundation to rescind contributions emanating from American investors. It also seems highly improbable that Tezos tokens will ever be listed on any American exchanges (BITTREX, POLONIEX, KRAKEN). Finally, what about DSL, the American the company that develops the Tezos code and is paid by the Foundation with the proceeds of an illegal security sales.
Hopefully those assumptions are unfounded and the project goes on to live happily ever after but, as an investor in Tezos myself, I won't let my guard down just now.
What are your thoughts on Tezos?
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Cheers.
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