Tezos: another lawsuit

As before, the founders of Tezos are suspected of violating the securities laws during the ICO 
16 November 2017   367

New collective lawsuit has been filed against the founders of the Tezos project. This is reported by CoinDesk.

As before, the founders of Tezos Arthur and Kathleen Breitman are suspected of violating the securities laws during the ICO in July, during which $ 232 million was raised. Among the suspects are not only the Breitman couple, but also the Tezos Foundation and Dynamic Ledger Solutions. The Dynamic Ledger Solutions is a Delaware-based company that owns the intellectual property of Tezos.

Also, the aforementioned individuals and companies are charged with fraudulent sales of Tezzies tokens under the guise of charitable contributions and the misappropriation of "tens of millions of dollars."

Notwithstanding the defendants' attempts to avoid governmental and private scrutiny, it is clear that the financiers were indeed profit-seeking investors in a security and that Defendants promoted and conducted an unregistered offering of securities, not a charitable fundraiser. Due to the many misrepresentations, factual omissions and unlawful activities engaged in by the defendants – it appears [participants in the ICO] cannot, and potentially will not, see any return on their investments.
 

Second lawsuit against Tezos

According to Reuters, in the opinion of representatives of the Swiss broker Bitcoin Suisse, who contributed to the project's attraction of $ 232 million, Tezos investors should not expect to receive reimbursement. At the same time, the broker said that he does not have information that investors' funds are "lost or exposed to unreasonable risk."

In addition, Bitcoin Suisse reminded investors demanding the return of their money and compensation for damage, that they took part in a high-risk project, and the terms of the deal "do not provide for mandatory refunds due to regulatory and practical considerations."

Due to the trial, the date of the project's launch was postponed. It is also noteworthy that investors did not get their tokens, because the ICO conditions stipulate the distribution of Tezzies tokens only after the launch of the main Tezos network.

It is also worth noting that Arthur Breitman has an active Twitter account with no posts, related to lawsuits, but with regular dev. updates.

Missis Breitman has a Twitter account with no lawsuits info too, but with posts, related to sports and feminism.

Also, Breitman couple reported recently that development is ongoing and "it will be resolved in due course". 

UK launches an inquiry into cryptocurrencies

The inquiry by UK Treasury Select Committee will examine the risks and possible benefits of crypto for investors
22 February 2018   13

European governments are quite cautious about cryptocurrencies and investments into them. And the regulatory base is as of now a lot more sparse, than one in America and Asia. But UK has announced that the Treasury Select Committee is launching an inquiry into cryptocurrencies and the distributed ledger technology that is the base of all crypto networks.

The inquiry will study the risks and opportunities presented by digital currencies for businesses and individual investors. Also, the government wants to see the possible benefits for itself from integrating cryptocurrencies and blockchain into daily operations.

Nicky Morgan, the Chair of the Treasury Select Committee, told the press that public interest in cryptocurrencies is rising, but the investments are unregulated and unprotected by the laws. High risks involved in this market are worrying. She added, that finding the right balance between regulating digital currencies for protection of individual investors and allowing the freedom of innovation is necessary in this case, so the Committee's goal isn't stomping down on overall usage of digital currencies.

This notion is just a next step in widespread action taken by EU governments to regulate cryptocurrencies. Lawmakers all around the Europe are discussing the possible governmental stance on crypto. For example, France and Germany have announced the joint effort which will present a set of regulation in the field during the next G20 summit.