##### **SEC Showing Their Ability to Disrupt Innovation**

In a disappointing move, the United States Securities & Exchange Commission (SEC) made news this week by requested an injunction to the issuance of Telegram's ICO tokens (grams) for its upcoming TONS blockchain. This has been one of the high profile ICOs as it has become one of the largest ICOs ever after raising reportedly $1.7 billion. This was impressive as the ICO launched as the cryptocurrency market had already peaked and many other ICO projects never made it past funding and much less actually launching their projects.

The SEC stated that the issuance of the tokens, in their view, represents securities which would then lead for them to be in violation of the Securities Acts that establish key filing, process, and disclosure requirements for issuing Securities. Telegram states that they have entered into agreements with investors under the premise that the issuance complies with the exemptions offered under the same laws given the view that the token is not a security. I recalls seeing the whitepaper and the requirements to participate and it did seem that Telegram were being careful with the token issuance. >“Significantly, Telegram has already treated the Private Placement as a securities offering pursuant to valid exemptions to registration under the Securities Act of 1933. The grams themselves, as distinct from the purchase contracts, will merely be a currency or commodity (like gold, silver or sugar) — not a ‘security’ — once the TON Blockchain launches. “ This has also forced Telegram to email participants to warn them that the project will be delayed which has had further implications as the delay of the issuance will provide some investors the opportunity to back out from the investment. It seems that they had two rounds of capital raises which is then treating investors differently for these delays. Some may have the right to get up to 77% of their investment back if certain clauses of the agreements are triggered. This is a highly anticipated blockchain project so it is very sad that it has run into this regulatory scrutiny so close to its launch. Given the guidance the SEC had provided months ago, I am surprised that it has come to these extremes of legal actions and injunctions as it seems as both sides knew well of each others positions. I understand in some cases why the SEC puts their duty to protect investors front and center but cannot see it in this case where it is so high profile and backed by a large amount of investors that seem to fall in the accredited class. This may be an important step in the future of ICOs in the space!

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