Tezos: Governance in the Cryptocurrency World
In November 2017, Arthur and Kathleen Breitman, the founders of Tezos, confronted a governance crisis that threatened to destroy their project and expose them to serious legal risks. All developmental activities in Tezos were stalled after Breitmans lost access to the funds raised through an initial coin offering (ICO) four months earlier. Moreover, a series of class-action lawsuits in the United States alleged that the USD 230 million ICO of July was an illegal security offering. The case provides a fascinating situation for discussions on the principles and the frameworks for governance.