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Former NASDAQ Lawyer Shows Concern Over TON’s Steps

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  • The U.S. Security and Exchanges Commission took Telegram to court in October last year. The SEC announced that it was suing the firm and its subsidiary, TON Issuer, for carrying out an unregistered token sale.
  • Although Telegram is facing some major legal problems, TON investors have stayed calm.
  • Manny Allicandro, former Vice President of NASDAQ, has shown some concerns regarding TON’s future steps.

Telegram Open Network Сommunity Foundation (TСF) is a non-profit association of TON ecosystem contributors and members: developers, investors, companies, founders, and employees of all types of TON-based projects.TON is a wholly-owned subsidiary of Telegram.

Earlier, The U.S. Security and Exchanges Commission took Telegram to court in October last year. The SEC announced that it was suing the firm and its subsidiary, TON Issuer, for carrying out an unregistered token sale. Telegram made waves after it raised around $1.7 billion for its blockchain platform called TON. $1.7 billion raised two private token sale rounds, held in February and March 2018.

TON’s STAND

Although Telegram is facing some major legal problems, TON investors have stayed calm. In October 2019, after the SEC dragged Telegram to court, the investors voted against the return of their funds. All the participants agreed to a postponement of the network launch until April 30. As of now, Telegram is still seeking to appeal a U.S. federal court’s latest ruling in favor of the SEC to pause the distribution of GRAM tokens.

One of the spokespersons for the TON Community Foundation, Fedor Skuratov, stated in an interview that the recent unfavorable decisions by the U.S. court were quite expected. He even claimed that no one could stop the launch of TON.

DO NOT RUSH

Manny Allicandro, former Vice President of NASDAQ, has shown some concerns regarding TON’s future steps. Allicandro is an NYC based lawyer experienced in traditional finance and crypto-assets.

He asserts that there is no need for urgency as the world is already amidst a lockdown due to COVID-19. Although, Alicandro believes there is no way for the U.S. government to stop the release of the network since neither TON Labs nor the TON Community are US-based.

The latest developments show that the court is inclined to side with TON and agree that Grams are securities. The main pretext and reason for that is the 1934 Howey Test. According to the 1934 Howey Test, a security involves the investment of money in a common enterprise, in which the investor expects profits primarily from others’ efforts. 

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