Silver said in an email he looked forward to learning more about the new president of the board and his business background. \u201cUnfortunately, the governance situation is a complicated mess; and I don\u2019t think this does anything to help that,\u201d Silver said.<\/p>\n
Johann Gevers, who helped set up the foundation in July, has been replaced by Ryan Jesperson, one of the project\u2019s contributors, the foundation said. Another board member, Diego Olivier Fernandez Pons, has also stepped down, while Michel Mauny, a French computer programming academic has joined the board, the Zug-based foundation said.<\/p>\n
The Tezos foundation raised funds to develop a new cryptocurrency in July, through a so-called initial coin offering. While the Tezos ICO remains one of the largest by amount raised, contributors have yet to receive the new cryptocurrency because the project was derailed by infighting between the project\u2019s founders, Kathleen and Arthur Breitman and Gevers. The feud between the Breitmans and Gevers was reported by Reuters in October.<\/p>\n
The Breitmans control the Tezos technology through their Delaware-based company, while the foundation controls the funds raised. The Breitmans said in a written statement they welcomed the new board members and they remain \u201cfully dedicated to the Tezos project.\u201d<\/p>\n
Gevers and Pons \u201cvoluntarily\u201d stepped down from the board, according to the statement. Gevers declined to comment on whether he had reached a financial settlement, citing ongoing litigation.<\/p>\n
The new board is \u201cpreparing itself to assist in the timely launch of the Tezos network,\u201d according to the statement. A spokesman for the foundation did not provide more information on the timing for the launch and the issuance of the cryptocurrency to contributors.<\/p>\n
Since the feud was reported, several class-action lawsuits have been filed in the U.S. against the project\u2019s organizers alleging the fundraiser violated federal securities laws and defrauded investors.<\/p>\n
Earlier this month, the U.S. Securities and Exchange Commission denied a public information request from David Silver, a lawyer representing some of the class-action plaintiffs, seeking information on Tezos, saying doing so could interfere with an investigation or enforcement activities.<\/p>\n
The Tezos fundraiser was structured as a donation, though some contributors believed it was an investment. If deemed a donation and not a security, the funds raised might not fall under the remit of the SEC.<\/p>\n
Silver said in an email he looked forward to learning more about the new president of the board and his business background. \u201cUnfortunately, the governance situation is a complicated mess; and I don\u2019t think this does anything to help that,\u201d Silver said.<\/p>\n
Jesperson, an American who works in financial technology, is planning to relocate to Zug from Utah with his family, according to the foundation\u2019s statement. Earlier this year, Jesperson led an effort to set up a second Swiss foundation for the Tezos project with the aim of supporting the cryptocurrency release in case the infighting continued.<\/p>\n
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