the united states Securities and trade commission (SEC) has introduced that Telegram and the drawing close GRM token represent an unregistered digital token providing.
Per an Oct. 11 press release, the SEC has filed an emergency motion and restraining order towards Telegram and the Telegram Open community (TON) in a complaint filed with federal district court in ny.
the entire complaint alleges that Telegram and TON did not register their sale of GRM tokens, which the SEC considers securities. Due to the fact the Securities Act of 1933 requires that each one securities be registered with the SEC, the company considers the sale of GRM tokens “unlawful.”
consistent with Stephanie Avakian, the co-director of the SEC’s Division of Enforcement:
“Our emergency motion today is meant to prevent Telegram from flooding the U.S. Markets with digital tokens that we allege had been unlawfully sold.”
different SEC moves
prior today, Oct. 11, Cointelegraph stated that the SEC, along side different U.S. Regulatory businesses the Commodity Futures trading fee and the fiscal Crimes Enforcement community, issued a warning to crypto asset holders towards violations of the bank Secrecy Act, especially use of crypto in cash laundering and terrorism financing.
Two weeks in the past, Cointelegraph said from an SEC listening to before the residence monetary services Committee, following which many questions remained as to who can be taking the lead on deciding on the status of cryptocurrencies, regulators or legislators. At the time, SEC Commissioner Robert J. Jackson Jr. Informed Cointelegraph:
“is that this going to be extra of a legislative move or an SEC move? […] at the moment I don’t comprehend.”