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Telegram back shoots: SEC pursuing Ad-hocjustice

In the dispute between the Messaging provider Telegram, and the U.S. Securities and Exchange Commission (SEC) has filed a Telegram for his allegations against t

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Telegram back shoots: SEC pursuing Ad-hocjustice

In the dispute between the Messaging provider Telegram, and the U.S. Securities and Exchange Commission (SEC) has filed a Telegram for his allegations against the SEC. Telegram under the authority of the SEC, among other things, to have failed to provide sufficient clarity as to be classified as digital Assets such as crypto-currencies are. This Telegram also lists the statements that come from the commissioners of the SEC itself.

By Christopher clover
14. November 2019 BTC $ 8,080.39 -0.14% part Facebook Twitter LinkedIn xing mail

failed to The Messaging service Telegram is defending itself against allegations of U.S. securities and exchange Commission, with its planned crypto-currency "Gram" against the US-American company law. The SEC under the Telegram, among other things, that the Gram Token unregistered securities to private investors sell. A complaint to the SEC in October had the consequence that Telegram had to cancel the launch of its TONE Blockchain, and hence the public sale of the Gram Token.

Telegram: Gram is not worth the paper

Now, Telegram has responded to the complaint by the SEC. The company denies in its reply to the competent New York court, all the allegations in the SEC. Telegram argues on the one hand, that the Private Sale of the Gram was Token in 2018 in conformity with the law. The sale was done solely to accredited investors, retail investors have not had the opportunity to participate.

The allegations [of the SEC] are unfounded as the private placement of Telegram to sophisticated, accredited investors was carried out in accordance with the applicable exemptions from registration under the Federal securities laws and Grams are not securities, if they are created at the time of the introduction of the SOUND Blockchain.

Instead, Gram had tokens as a currency or as a Commodity to be classified, further argues Telegram.

SEC: Yet.

of Course, it is not the violence of the Messaging service provider, this categorisation to be made. The SEC had noted Telegram in October that:

We have repeatedly stated that issuers cannot circumvent the Federal securities laws by drawing your product simply as a cryptocurrency or Token. Telegram is aiming to take advantage of the benefits of a public offering without complying with the longstanding disclosure requirements to protect investors.

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The SEC classifies Gram as the value of paper, because it assumes that the investors in 2018 speculated primarily to an increase in the value of the Token.

Grams are Securities, because the original purchaser and subsequent investors will expect to benefit from the work of the app. This includes the development of a SOUND Ecosystem, Integration with Messenger, and the implementation of the new SOUND Blockchain belong to.

The SEC and applies to the classification of the Assets of the Howey Test. A profit maintenance based on the work of the Issuer of the asset, is a Central feature of a security.

the SEC shall have informed Telegram sufficiently

Telegram criticized in his reply, that the Howey Test is suitable only to a limited extent for the assessment of digital Assets.

[...] the application of Howey to digital Assets raises unique issues, the more specific guidelines require, in order to avoid that the Unwary fall into the trap. But to date, the SEC has failed to provide consistent and meaningful guidance on whether and how it is cryptographic to regulate currencies, such as the Gram,

it is said in the document.

The Messaging provider feels, however, even by the authority in the trap. As the SEC on may 11. October was able to prevail in summary proceedings, a preliminary injunction against the TONE of the Launch, you have not acted in accordance with applicable law. Your justification have a legal "Ad hoc character" and cases with a variety of precedents to be incompatible. Especially the SEC, it failed to put the company in a timely manner of their action in regard to.

[...] Telegram was [...] not sufficiently informed that his actions would violate the Securities Act of 1933, and failed,

complains Telegram.

Telegram cited "Crypto Mom"

in Order to give his criticism of the regulatory Status quo reproduction, leads the Telegram also statements of the SEC commissioners. All Telegram "Crypto Mom quotes" Hester Peirce, who warns of the emigration of crypto-companies from the USA, should be provided with no transparent rules for crypto-Assets:

page-by-Page factors, many of which apply to the seemingly decentralized networks, could contribute to the Navigation of the securities laws in this area is a dangerous business. Rather than to clarify the factors or to hire an expensive lawyer on the case, may decide, a prudent company in an obvious way, to forego certain business opportunities or to perceive it in a crypto-friendly environment abroad,

quotes a letter from a in may 2019, the speech of the SEC Commissioner.

SOUND Launch, at the earliest, 2020

The competent New York court must now decide whether the argument Telegrams is sufficient to allow the SEC lawsuit against the Telegram, in whole or in Parts. Otherwise, at 18. and 19. February 2020 a court hearing to take place.

The 171 participants, large investors are holding for the time being, on the CLAY project. By the way, your Investment after the bursting of the launch of the network in part to get back, you have made according to insider information is of no use. The startup SOUND was moved to 2020 – if it should ever come to that.

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