US SEC Received $1.2B Fines from Illegal ICOs in 2020

The U.S Securities and Exchange Commission (SEC) has revealed that it received over $1.2 billion in fines from Illegal ICOs. This figure was part of the $4.86 billion generated by the financial watchdog from illegal fines and incomes in 2020. The information was revealed in the SEC annual report for the current fiscal year and published in November. The SEC report also included a broad overview of the agency’s actions and included eight ICO judgments received in 2020. The securities…

The TON Testnet Will Be Terminated by August 2020

Despite the termination of Telegram’s blockchain project, users will need to install their own testnet validators for continuous usage of the network. Since the termination of the Telegram Open Network (TON) two months ago, the TON test net has apparently continued to run. In an update provided by the official TON development group on July 6, TON's support by the test network will be discontinued. They will turn off the remaining TON validators by August 1. Based on the recommendation of the…

Telegram’s TON is Over: What Happens to the Blockchain Project Next?

On May 12th, 2020, Telegram founder and CEO Pavel Durov announced the Telegram Open Network (TON), the messaging company's highly anticipated blockchain platform. The news that Telegram had been forced to abandon its TON project symbolized sustained pressure from regulators in the U.S to impede social media-backed cryptocurrency ventures. That said, the project's source code remains freely available on Github, so other developers can technically use it to develop their version of the Telegram Open Network. The original TON development…

TON Labs Developers Sidestep Telegram to Launch Free TON Blockchain

The TON community has marched on to build the "Free TON Blockchain" despite the legal battle between Telegram and the (SEC) The community claims that Telegram can no longer be involved in the project given the regulatory hurdles it faces from the SEC A vast majority of TONs will be distributed among users for them to participate in staking for the new blockchain On May 7th, 2020, the Free TON community launched the Free TON Blockchain and its native token…

The CFTC Take A Stance Amid SEC’s Legal Tussle with Telegram

The Commodity Futures Trading Commission(CFTC) gave their opinion on the ongoing legal battle between telegram and Security Exchange Commision. On February 18, CFTC filed a letter after a New York Southern District Court Judge requested their opinion on the tussle at hand. The dispute is based on the functionality of Telegram’s digital currency, Gram. The letter states that the digital currency should be regarded as a commodity and not a security. Despite the letter getting released by the office of…

Telegram Says Review of Requested ICO Records by the US SEC will Delay

On the 9th January of 2020, the lawyers representing Telegram said in a court file that preparation of a review of financial records requested by the US SEC will take five to seven weeks. The lawyers said the analysis of data protection laws in various foreign jurisdictions is mandatory, hence remarkably lengthening the process. This court filing noted the need to analyze about 4600 transactions of 770 entities and individuals and ensure that Telegram complies with foreign data privacy laws.…

Telegram Comments on Its Native Crypto, Gram

On the 6th of January 2020, in a blog post, Telegram clarified that its native token, Gram, is not an investment product. Telegram further explained that people should not expect profits by purchasing or holding the token. On the other hand, the US SEC is in charge of securities in the United States. The SEC recently filed a court application against the platform offering Gram token, assuming that the token is under the commission’s jurisdiction. Is Gram Designed for Ton…

US SEC Claims Telegram’s Refusal to Release Important Case Information

On the 2nd of January 2020, the US SEC filed a court order against telegram to release information on how it spent its funds from its Initial Coin Offering. The ongoing case took a new shape as the commission is seeking legal means of getting information related to the case. As per the SEC, the $1.7 billion raised by Telegram from the sales of Gram tokens consisted of unregistered securities sales. US SEC Requests ICO Spending Information from Telegram The…