Joining the position alarmist of the SEC to the proposed crypto-currencies of the Telegram, the Court has recently granted an injunction to the regulatory authority to censor the issuance of the chips Grams. The decision of the court channeled on the “risks of future injury” caused by the sale of these assets, which do not constitute securities registered pursuant to the test of Howey, as advanced by the SEC.
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The justice puts himself on the side of the SEC
The Security and Exchange Commission (SEC) had filed a request for preliminary injunction aimed to completely prohibit the issuance or sale of digital tokens of the messaging platform Telegram.
In this case, the crypto-business and the guard dog of the american finance were ultimately transferred to the tribunal to decide the fate of these assets, having been the subject of contention since the launch of the ICO tokens Telegram in 2018.
Given that the courier company has decided to continue its activities so that the regulatory authority prevented him from selling assets deemed as securities that are not registered, only a decision of the court will be able to decide the matter.
A trial of intent
At the request of the SEC, the court engaged in a trial of intent by questioning the draft of the Telegram to continue its activities to a public sale of securities, despite the initial statement of this latter form D 506 (c) permits it to sell chips to accredited investors.
“The sale of Grams by Telegram to the initial purchasers, that will work as a underwriters association, is the first step of a distribution to the public continued of securities and, as such, Telegram shall not receive an exemption from the registration obligation under article 4 (a) or rule 506 (c)” . she says.
In addition, the Court made the remark that the irregularity would be of the magnitude once the chips have been in the hands of a buyer, who will resell it later to another buyer. The role of the injunction is to interfere with any attempt of sale of tokens to the initial purchasers.
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