TON on the verge of collapse: the SEC through the courts seeking the suspension of the project from the Telegram

The Commission on securities and exchange Commission (SEC) announced the adoption of «extraordinary measures and restrictions» in relation to two related tomenselo Telegram Open Network (TON) offshore companies. This was reported on the website of the Department.

The Commission believes that the Telegram was illegally distributing the unregistered digital tokens in the US and abroad, making the company managed to raise $1.7 billion TON and Telegram Group Issuer Inc. sold at a lower price «, approximately 2.9 billion of digital tokens called Gram 171 the original purchaser. In particular, 1 billion tokens were sold 39 American buyers».

Telegram has made a commitment to put coins Gram initial customers until October 31. While the SEC argues that Telegram and TON Issuer Inc. offered to investors are securities that are not registering properly tocancel and without disclosing material information.

«We have taken emergency measures intended to prevent flooding of the US market digital tokens, which, in our opinion, illegally sold, said co-Director of the enforcement division of the SEC Stephanie Avakian. — We argue that the defendants did not provide investors with full information about Gram, business operations Telegram, its financial condition, risk factors and management, as required by the securities legislation»

The representative of the division Steven Peikin noted that Telegram is seeking to benefit from the initial offer, without observing the long-established requirements for disclosure of information to protect the rights of investors.

«We have repeatedly stated that issuers will not be able to avoid the Federal securities laws, just by calling it a digital token», — he stressed.

According to the filed in Manhattan Federal court statement, the SEC accuses the two companies in violation of sections 5 (a) and 5 (C) of the law «On securities» and requires the issuance of a perpetual injunction on the activities of the project and the decision to return investors funds with penalty and interest.

Specializing in cryptocurrency lawyer Katherine Wu said that the SEC order is not final and the satisfaction of the Minister would depend on the decision of the court.

«Please note that the SEC is seeking immediate suspension of distribution of the token Telegram, to be held on 31 October»

According to the researchers Binance Research, though tocancel TON and was conducted in accordance with rule 506 (c), which assumes that all purchasers must be accredited investors, this rule does not apply to secondary market and sale of new tokens Gram.

Earlier ForkLog published a lot of material about technical and economic peculiarities TON, and possible problems in the way of its full implementation, as well as its similarities and differences with the Libra from Facebook.


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