The ICO Governance Deficit | CoinDesk
An irony of the SEC’s finding on The DAO is that — the infamous hack aside — from one standpoint The DAO was an unusually investor-friendly token. Specifically, its governance was structured in a manner akin to a New England town hall: investors would have had voting rights over all potential DAO projects.
For all the innovativeness that ICOs offer, clear and thoughtful governance structures are likely conducive to the long-term success of projects, and the space would benefit from governance best practices more in keeping with corporate norms. Specifically, these are: project oversight with a view to token holders’ best interests; structures that align developer and token holder incentives; reasonable token holder contractual rights; and clear and fair disclosure protocols.