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Nov 3, 2019

The Securities and Exchange Commission, or SEC, announced that it has filed an emergency action and obtained a temporary restraining order against the Telegram Group Inc. and its wholly-owned subsidiary TON Issuer Inc.
Telegram raised approximately $1.8 BILLION USD during their ICO, which saw the sale of approximately 2.9 billion of their digital tokens called “Grams” at discounted prices to 171 initial purchasers worldwide, including more than 1 billion Grams to 39 U.S. purchasers. The complaint by the SEC alleges that defendants failed to register their offers and sales of Grams, which are securities, in violation of the registration provisions of the Securities Act of 1933. What will happen next?

On a positive note, the SEC granted Paxos Trust Company a no-action relief Monday to settle equity securities trades on a blockchain platform for broker-dealers. Paxos is seeking to modernize the equities settlement process using a regulator-approved blockchain process with Credit Suisse and Société Générale the first two companies to utilize the new Paxos Settlement Service, which will operate on a private and permissioned network. This is great news, but why should you care?
A no-action letter is a letter written by the staff members of a government indicating that the staff will not recommend that the agency, which in this case is the SEC, take legal action against the entity or company.

We also look at the progress China is making on their own cryptocurrency, and you can bet that the world is watching how this will shape the crypto space.
So, join me, Aviva Ounap, host of Crypto and Blockchain Talk, and my guest Jonathan Dunsmoor of Dunsmoor Law, as we explore these topics with an undertone of having some serious fun!

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