There is a crisis in Swiss Crypto Valley as more than half of the Crypto Valley Association (CVA) board have announced that they will be resigning from their posts come January 2019. This latest development comes just days after reports surfaced that there is governance issue in the body, with conflict of interest amongst the leadership something that has caused genuine concerns over the past few months.
President and three other members to resign
The president of the CVA alongside four other members issued a joint press release announcing that they will be resigning from their posts and will not seek re-election come next month. President Oliver Bussmann, Vice-president Vasiliy Suvorov, the board’s secretary, and treasurer René Hüssler, and Nicolas Schobinger all announced that they will not be seeking for re-election in January, with the four of them all crucial members of the organization since its creation in January last year.
The board members in their press release stated that “We have been with the Association as board members since January 2017 and, after a rewarding two years feel it is best that the Association’s next phase of development is led with a renewed perspective. Having that in mind, we have made a decision several weeks ago not to seek re-election for our seats in the upcoming board elections scheduled for January 2019.”
This announcement comes at a time when concerns are raised about the future direction of the cryptocurrency sector in the country. The report stated that the main concern comes from the organization finding the right balance between promoting the potential social impact of blockchain and its commercial exploitation.
Crisis in the governance of CVA
Just recently, the board for the CVA was expanded to seven members, with the addition of two women specifically designed to enhance diversity at the CVA after the board was accused of being just a club for old boys. The two women María Gomez and Jenna Zenk who were recently appointed will not be leaving their posts like the others.
The issue of governance in the body was raised by the last member, Soren Fog who complained back in June that there is a conflict of interest in the leadership, urging the leaders to change that trend in a sober and detailed way. Fog also called for a code of conduct to be implemented that tackle issues such as corporate governance, leadership accountability, while also calling for an independent audit to be conducted.
The issue became even more problematic after Hans Kuhn, a lawyer and former general counsel at the Swiss National Bank was hired to review all the articles of the association. After he presented his findings, Kuhn stated that his report was nothing more than routine paperwork updating mundane processes. He stated that “This a very young association that has rapidly evolved into having 1,000 members. The articles of the association were no longer adequate. This type of housekeeping is done in any kind of association with this growth and scope.”
CVA board president meanwhile stated that the independent review conducted was done with the aim of tackling the need for the association to adapt its structure to current trends. He stated that “The CVA has recently consulted the association members regarding the governance review report. We will present the result and proposed changes in the General Assembly at the end of January 2019.”
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