US SEC Deems $1.7 Billion Telegram Offering As Illegal

The United States Securities and Exchange Commission (SEC) is in the focus of the latest crypto news for announcing that the forthcoming GRM token and the Telegram offering is constituted as unregistered one. The orders are now halted after US SEC filed an emergency action and restraining order against Telegram and the Telegram Open Network (TON) in an official complaint filed with a federal district court in Manhattan.

As an October 11 press release shows, the full complaint alleges that Telegram and TON did not register their sale of GRM tokens, which the US SEC considers securities. Because of the Securities Act of 1933 requires that securities must be registered with the SEC, the agency considers the sale of Telegram’s GRM tokens “unlawful.”

As Stephanie Avakian who is the co-director of the US SEC’s Division of Enforcement said:

“Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold.”

Earlier today, our site reported that the SEC along with other US regulatory agencies including the Commodity Futures Trading Commission and the Financial Crimes Enforcement Network – decided to issued a warning to crypto asset holders against violations of the Bank Secrecy Act and the use of crypto in money laundering cases as well as terrorism financing.

Before that, two weeks ago the news featured a US SEC hearing before the House Financial Services Committee which followed a lot of questions that remained as to who would be taking the lead on determining the status of cryptocurrencies – whether it’s going to be regulators or legislators. The US SEC Commissioner Robert J. Jackson Jr. spoke at the time and said:

“Is this going to be more of a legislative move or an SEC move? […] At the moment I don’t know.”

This is not the first time that the US SEC regulator is taking such approach in deeming projects illegal. The Telegram Open Network (TON) is valued at $1.7 billion and has been in the blockchain news lately as one of the more promising projects.

Meanwhile, the markets are still suffering and slowly declining in their comfort zones. BTC holds on to the $8,300 level, while Ethereum is at $185. XRP’s momentum builds up as the cryptocurrency broke through XRP’s momentum builds up as the cryptocurrency broke through $0..
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