Telegram in decline under the shadows of Libra
The Securities and Exchange Commission of the United States issued an order that prevents Telegram from selling and distributing tokens
Telegram and its subsidiary TON were subjected to an emergency order issued by the United States Securities and Exchange Commission (SEC) after the messaging platform and VOIP put tokens valued at $ 1.7 billion.
Although Telegram had been dodging U.S. regulations, it was Friday night when the SEC announced the request and obtained an emergency action and an order to prevent the Russian company from selling or distributing its Gram Tokens in the territory of US.
Breach of the law
The intention of this platform, as its founder Pavel Durov has stressed, was to create a payment option called Telegram Open Network, much like the one that Libra de Facebook planned to offer. However, this problem began with the failure of Telegram in some records necessary for the State; a situation that was evidenced after the sale of 2.9 billion tokens at discount prices. Before October 31 2019, this process became illegal in the United States once the company commercialized the fundraiser.
The co-director of the SEC Compliance Division, Stephanie Avakian, said the emergency action is “aimed at preventing Telegram from flooding US markets with digital tokens that we claim were illegally sold.”
It is important to note that the order issued by the SEC not only limits Telegram in the US territory but could also affect the platform in other jurisdictions. Until now it is known that the company must distribute the tokens to its investors before October 31; otherwise, it will have to return the money collected to the State.
K.Villarroel
Source: bitcoin
