The SEC continues to crack down on any token offerings or initial coin offerings which may violate securities laws. The latest victim in this crusade is Telegram Group Inc. Their TON tokens raised US$1.7bn in funding, although the SEC is now considered about this development. Given how these tokens would be distributed in the next few weeks, the time to intervene is right now.
The Successful TON Sale
Most people in the cryptocurrency world know all too well how Telegram Group Inc will create its own digital token. Its subsidiary, known as TON Issuer Inc, officially began to raise money in January of 2018 to finance the business model involving this token and its native blockchain. The Telegram Open Network is widely considered to be a great development, assuming it will deliver on all of the initial promises.
With over US$1.7bn raised during this token sale, it was a matter of time until the SEC decided to take a closer look. They have now done so in an official capacity. More specifically, they express concerns over this alleged unregistered digital token offering accessible by US investors. It is believed that 39 different US purchasers have been involved in the token sale…
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Author: JP Buntinx