Blockchain 

Telegram Developers Jump to TON’s Defense in SEC Case

A group of Telegram Open Network (TON) developers, calling themselves “The TON Community Foundation,” have submitted a court document criticizing the SEC’s prosecution of the project. The former messaging app turned blockchain developer has been embroiled in a long-running suit with the United States Securities and Exchanges Commission, which alleges that US$1.7 billion raised from the sale of ‘Gram’ tokens between January and March 2018 should have been registered with the authority because the tokens constitute a security. Telegram has consistently denied the accusations and has recently been backed up…

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Bitcoin 

Kik Adviser to Face Deposition From SEC This Week

The US Securities Exchange Commission (SEC) has requested the deposition of a representative from Kik, the former messaging app that now focuses on cryptocurrency, in its longstanding wrangle, which claims that the Canadian company violated securities laws when it carried out an ICO in 2017. On January 23, a judge in the Southern District of New York ordered Kik to divulge information detailing how its business has changed since 2018, with the company shutting down its messaging service in order to focus on cryptocurrency. Initially hoping to hear from Kik…

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Ethereum 

Bitwise Withdraws Bitcoin ETF Application with SEC

Bitwise Asset Management has withdrawn its longstanding Bitcoin ETF application with the SEC, after the proposal was rejected by the commission in October. Bitwise first filed an application with the US Securities and Exchanges Commission for what would be the first-ever Bitcoin ETF in January of last year, after several other companies had failed with similar proposals. Bitwise’s application was seen as the greatest hope for a Bitcoin ETF given key differentiations between its proposal and ones that had gone before it. The index was intended to take Bitcoin’s value…

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Ethereum 

Telegram Hit By New SEC Evidence Showing Token Trading After ICO

The SEC has produced new evidence in its case against Telegram, which shows that the company was engaged in trading Gram tokens several months after its initial coin offering (ICO). Messaging app Telegram has been embroiled in a lawsuit with the US Securities and Exchanges Commission, which alleges that US$1.7 billion raised from the sale of Gram tokens between January and March 2018 should have been registered with the authority because the tokens constitute a security. Telegram has consistently refuted these claims and published a statement last week to address…

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Blockchain 

SEC Seeks British Assistance in Getting Testimony of Ex-Telegram CIO

The Securities and Exchange Commission (SEC) has filed a proposed order with the US District Court for the Southern District of New York to request the British High Court’s assistance in getting the testimony of Telegram’s former chief investment advisor, John Hyman. Telegram has been embroiled in a longstanding legal wrangle with the SEC over whether two ICOs conducted in 2018 should have been registered with the commission. Between January and March 2018, Telegram raised in excess of $1.7 billion USD from 171 investors, including $424.5 million USD from 39…

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Blockchain 

Grayscale Files to Become First SEC Reporting Crypto Fund

Grayscale Bitcoin Trust is trading higher by 3% after it filed Form 10 with the United States Securities and Exchange Commission (SEC) to become the first-ever crypto fund to report to the regulator. Major Development The crypto ecosystem has grown at a breakneck pace over the past few years, and it can be said that a viable ecosystem has taken shape. Things like a Bitcoin fund could not have been envisaged half a decade ago, but they are now a reality. In a new development, one of those funds is…

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Blockchain 

Kik “Void for Vagueness” Plea Against SEC Dismissed by Judge

Kik, the former messaging app now shifting its focus to cryptocurrency, has been involved in a court case with the SEC, which alleges that a 2017 ICO breached the commission’s regulations due to the fact that its coin, Kin, is actually a security. Kik Legal Team Struggle for Plausible Explanation The legal team for Kik has argued in the court of the Southern District of New York that the case against it is null and void based on the premise that the legal definition of an “investment contract” is unclear. However, the…

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Blockchain 

Telegram Denies All SEC Allegations and Requests Dismissal of Trial

Telegram has refuted allegations by the US Securities and Exchanges Commission in court, which claim that the planned Gram token from the messaging app is a security and, therefore, subject to regulations from the commission and has requested that the trial be dismissed because of this. Last month, the SEC successfully sought an injunction preventing Telegram from launching TON due to the fact that the ICO used to raise funds to develop the network was illegal. As a result of the injunction, investors in two separate ICOs were offered the chance to…

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Blockchain 

Telegram Releases Test Gram Wallet Despite Pending SEC Suit

Telegram has released a test version of its desktop wallet for its own digital coin, known as Grams, despite an injunction from the SEC preventing the launch of its planned blockchain, Telegram Open Network (TON). Users can download the desktop app on Windows, macOS, and Linux 64 bit from Telegram’s official website. The app greets users with the message, “Now you have a wallet only you control – directly, without middlemen or bankers.” Users can also engage in test transactions with Grams distributed by a special Telegram bot; however, it warns that these…

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Cryptocurrency 

Telegram Investors Stick With TON Plans Despite SEC Injuction

Telegram investors have turned down the offer of a refund on their investment in the TON ICO despite an injunction by the SEC delaying the launch of the network. Telegram, which is an important part of the crypto ecosystem due to its encrypted communication abilities, has been embroiled in a dispute with the US Securities and Exchange Commission, which argues that its planned blockchain, Telegram Open Network (TON), is a security, meaning the ICO was actually illegal. The commission issued an injunction last week preventing the company from launching TON…

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