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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