Acrimony Over $232 ICO Set to Intensify Regulatory Scrutiny
October 26, 2017 |
David Silver Quote :
The nascent market has “no uniform rules and nobody to hold accountable.
Delays and infighting at a venture which raised $232m in one of the largest “initial coin offerings” to date has raised concerns that the experimental financing mechanism could attract a swift crackdown by regulators. The acrimonious governance battle at Tezos, which is promising to develop a new blockchain that is an improvement over predecessors such as bitcoin, erupted less than three months after its then record-breaking ICO fundraising, highlighting the speculative nature of many such investments. The value of the digital tokens, called “tezzies”, that Tezos issued to investors in July slumped 22 per cent in the space of five hours last week, when its founders and the head of the Swiss foundation that oversees its finances went public with details of their feud.
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