The SEC halted any plans Telegram had of launching its own token network
In an ongoing battle with the SEC over their token launch (Grams), the final death blow was delivered earlier this week to the Telegram crypto project.
By now, you are likely familiar with the SEC blocking Telegram from including US citizens in its ICO which raised close to $2 billion dollars.
That is nothing new as the SEC has been cracking down on ICOs being offered to US citizens as they claim this violates the current securities laws.
However, what happened this week just went a whole lot further than that...
After battling the SEC in the courts for months now, the death blow was finally delivered this week.
The SEC declared that it is unlawful for Telegram to offer their token sale to ANYONE IN THE WORLD, because once it is up and running there is a chance that US based users could find access to the platform...
Um, say what?
Check this out:
"The U.S. court declared that grams couldn't be distributed not only in the United States, but globally. Why? Because, it said, a U.S. citizen might find some way of accessing the TON platform after it launched. So, to prevent this, grams shouldn’t be allowed to be distributed anywhere in the world—even if every other country on the planet seemed to be perfectly fine with TON."
I have no words...
Literally no words...
So, the SEC can halt a project that is launching outside of the US because it says its citizens might find access to the platform?
How is that even possible?
Telegram isn't even a US company...
All I can say is that it's a good thing that STEEM/HIVE launched when it did, because it doesn't sound possible for a project like STEEM/HIVE to launch today.
How would it?
Reading news like this it's hard not to wonder... who's next?
Stay informed my friends.
Image Source:
https://decrypt.co/28749/sec-killed-telegram-saft-token-sale-ton
-Doc