Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Altcoin Discussion
Re: Telegram (TON) project has been halted by SEC
by
Ucy
on 12/10/2019, 09:37:41 UTC
Quote from: Lionel on October 12, 2019, 08:59:17 AM
https://www.sec.gov/news/press-release/2019-212

Should we assume the project is dead?

I was about to reserve $500 worth of GRAM tokens on Crypterium or some exchange, but at this point i think it's not advisable.
What do you suggest ?

Quote
“We have repeatedly stated that issuers cannot avoid the federal securities laws just by labeling their product a cryptocurrency or a digital token,” Steven Peikin, Co-Director of the SEC’s Division of Enforcement. “Telegram seeks to obtain the benefits of a public offering without complying with the long-established disclosure responsibilities designed to protect the investing public.”https://www.sec.gov/news/press-release/2019-212

I guess the above excerpt from the SEC website says it all.

The company is operating under US law... so it can't ignore the law it is operating under.
I honestly don't know much about the law governing the company but if a privately owned is creating its own token, the company should comply with the rules.