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The SEC sues Telegram, aims to stop distribution to US investors of Grams sold in $1.7B sale
The SEC today announced a suit to stop Telegram, Inc. and Ton Issuer, Inc. from continuing what a lawsuit describes as an "ongoing illegal offering of digital-asset securities called Grams." Grams were to be the native token for use on the Telegram blockchain, but (as discussed below) the SEC says they don't have any utility at all, never did, and are securities subject to the registration requirements of U.S. securities laws. A pretty significant speed bump for what was among the largest and most coveted token sales of the ICO age. As part of the lawsuit, the SEC also secured an emergency temporary ... (full story)
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SEC Halts Alleged $1.7 Billion Unregistered Digital Token Offering
The Securities and Exchange Commission today announced that it has filed an emergency action and obtained temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds. According to the SEC’s complaint, Telegram Group Inc. and its wholly-owned subsidiary TON Issuer Inc. began raising capital in January 2018 to finance the companies’ business, including the development of their own blockchain, the “Telegram Open Network” or “TON Blockchain,” as well as the mobile ... (full story)
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