The vast majority of Switzerland's Crypto Valley Association (CVA) board has announced that they will not be standing for re-election next year. The board’s president Oliver Bussmann, vice-president Vasiliy Suvorov, René Hüssler, who holds the positions of secretary and treasurer, and board member Nicolas Schobinger announced that they would step down at the next annual general meeting at the end of January.
“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,” the four said in a joint statement.
This announcement comes right when doubts are put forth about the direction of the cryptos in the country. The report asserted that the main anxiety comes from the organization finding the right balance between promoting the potential social impact of blockchain and its commercial exploitation.
The Crisis Has Been Brewing
Recently, in order to improve the gender ratio, the CVA board was enlarged to seven members, that added María Gomez and Jenna Zenk. Prior to that another CVA board member, Soren Fog, had raised the issue of governance within their system. He accused of a “conflict of interest in the leadership” and called on members to challenge this “in a sober and detailed way” adding that there should be a code of conduct.
The situation became increasingly dire when Hans Kuhn, a lawyer and former general counsel at the Swiss National Bank was hired to review all the articles of the association. When asked about the report, he said:
“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.”
To this, the CVA board president stated that this independent review was done with a goal of undertaking the requirement for the organization to modify its composition to current trends. He said:
“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.”