From inside the letter, Telegram stated potentially they are continuing to assess the best ways to eliminate the situation in the interests of relevant parties, including but not limited by evaluating whether to postpone the launch date.
Telegram Open Service (TON) developers responded to have any investors after American government bodies abruptly announced just that its $1. 7 thousand token sale was unlawful.
No well-defined feedback from SEC on 18 months
Redarding a TON letter to purchasers obtained by Cointelegraph, your current firm has been trying to obtain feedback from the United States Investments and Exchange Commission (SEC) for the past 18 months regarding the TON blockchain and does not agree with typically the recent action. It authored:
“We were surprised and distressed that the SEC chose to manually record the lawsuit under any of these circumstances, and we disagree over the SEC’s legal position. ”
Court hearing is scheduled for March. 24
After deeming Telegram’s initial coin offering (ICO) illegal, the SEC equally filed a temporary restraining order, setting a court hearing at New York for Oct. hrs a.
Following the media reports, New York Times tech media reporter Nathaniel Popper tweeted to do with Oct. 12 to point out those involvement of high-profile buyers in Telegram’s $1. 14 billion ICO, including Standard, Sequoia and Lightspeed. Your man wrote:
“The SEC’s move to shut down Telegram’s crypto project raises questions about the big venture capital firms that gave the $1. 7 billion and so convinced themselves that it might be pass regulatory muster. This includes Benchmark, Sequoia and Lightspeed. ”
Yesterday, a private Telegram station for TON investors removed all previous content and announced it will be looking for break amid the amplified level of regulatory uncertainty.
Criticism against SECOND over no clarity when considering crypto
The actual SEC has been notably belittled for its lack of clarity with reference to cryptocurrencies and ICOs. In late September, a group of lawmakers originating from a U. S. Congress posted a letter in direction of authority’s chairman Jay Clayton, urging the commission if you want to issue clear guidance on cryptocurrencies. Previously, Representative Warren Davidson put a crypto roundtable where participants mentioned their concerns over the established legal framework for ICOs and crypto.
Earlier this year, John Berlau, the right senior member at libertarian think tank Competitive Economy Institute, criticized each SEC’s approach to regulating cryptocurrencies, arguing that its “burdensome regulation” kills transformative uniqueness. He also argued truth SEC’s scrutiny could jeopardize the functionality of blockchain specialist if the agency treats cryptocurrencies as securities. In early Early, U. S. lawmakers reintroduced the Token Taxonomy Act that aims to omit,except crypto from securities laws and regulations.