• Latest
CFTC Asked to Provide Opinion in SEC Case Against Telegram ICO

CFTC Asked to Provide Opinion in SEC Case Against Telegram ICO

February 7, 2020
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

CFTC Asked to Provide Opinion in SEC Case Against Telegram ICO

coinnewsdaily by coinnewsdaily
February 7, 2020
in Tech
0
CFTC Asked to Provide Opinion in SEC Case Against Telegram ICO
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

A U.S. judge has asked lawyers from the Commodity Futures Trading Commission (CFTC) to provide an opinion in the case brought by the Securities and Exchange Commission (SEC) against Telegram’s $1.7 billion token sale.

On Thursday, Judge Kevin P. Castel of the Southern District of New York issued an order inviting the CFTC’s office of the general counsel “to express its views on the issues presently before the Court.” The opinion can be submitted in writing, the judge said.

Whether “gram,” the native token of Telegram’s TON blockchain, is a security or a commodity has been the main question of the four-month-long litigation. The SEC insists the not-yet-issued grams were sold to investors as securities, with the expectation of future profits.

Telegram maintains that, just like bitcoin and ether, once grams are issued they will be a commodity – simply the native token of the TON blockchain.

In a memorandum previously submitted to court, the SEC said there’s no way grams could be considered a commodity, as “the value of that asset will have depended and will still depend on Telegram’s efforts to increase demand for and, thus, increase the value of that asset as purchasers reasonably expected and will expect.”

“Unlike gold, comic books, and Krispy Kreme donuts – commodities Telegram compares to Grams – Grams have no intrinsic value,” the SEC argues, so the value of grams relies exclusively on Telegram’s efforts to create a blockchain, and this, according to the Howey test, is a feature of a security.

Telegram, in its responding memorandum, argued that it had never marketed grams as an investment tool, but all the marketing materials “clearly and primarily emphasized the intended consumptive value of Grams as ‘the first mass-market cryptocurrency’.” The main value proposition has been that the tokens will be widely adopted by users when TON is live, the memorandum goes.

The CFTC has previously stated that cryptocurrencies “such as bitcoin” meet the definition of a commodity, however, the agency has not expressed its opinion on token sales like Telegram’s. In a joint Wall Street Journal op-ed in 2018, the SEC and SFTC’s chairmen Jay Clayton and Christopher Giancarlo said that “many of the internet-based cryptocurrency trading platforms have registered as payment services and are not subject to direct oversight by the SEC or the CFTC.”

Also on Thursday, Judge Castel ordered that the first hearing for the case be rescheduled from Feb. 18 to Feb. 19, citing a delay in another trial as the reason for the rescheduling.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Tags: Crypto Tech
Share76Tweet48
Previous Post

Price Analysis Feb 7: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, ADA, XTZ

Next Post

Now More Than Ever, SEC Is Scrutinizing Unregistered Token Offerings

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
Now More Than Ever, SEC Is Scrutinizing Unregistered Token Offerings

Now More Than Ever, SEC Is Scrutinizing Unregistered Token Offerings

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$20,402.001.81%
  • ethereumEthereum(ETH)$1,090.980.40%
  • tetherTether(USDT)$1.000.17%
  • binancecoinBNB(BNB)$225.203.56%
  • rippleXRP(XRP)$0.3317822.06%
  • cardanoCardano(ADA)$0.4672621.75%
  • SolanaSolana(SOL)$34.826.52%
  • dogecoinDogecoin(DOGE)$0.067814-0.30%
  • polkadotPolkadot(DOT)$7.133.33%
  • daiDai(DAI)$1.000.10%
  • Shiba InuShiba Inu(SHIB)$0.0000103.96%
  • tronTRON(TRX)$0.0657262.10%
  • leo-tokenLEO Token(LEO)$5.77-2.25%
  • matic-networkPolygon(MATIC)$0.4878600.77%
  • litecoinLitecoin(LTC)$55.064.40%
  • FTXFTX(FTT)$25.272.26%
  • OKBOKB(OKB)$12.402.54%
  • chainlinkChainlink(LINK)$6.343.76%
  • CronosCronos(CRO)$0.1168960.66%
  • stellarStellar(XLM)$0.1134185.52%
  • cosmosCosmos Hub(ATOM)$7.755.72%
  • algorandAlgorand(ALGO)$0.3168987.09%
  • moneroMonero(XMR)$116.13-1.00%
  • ethereum-classicEthereum Classic(ETC)$15.262.41%
  • bitcoin-cashBitcoin Cash(BCH)$104.681.34%
  • vechainVeChain(VET)$0.0230472.55%
  • Internet ComputerInternet Computer(ICP)$5.442.63%
  • tezosTezos(XTZ)$1.440.15%
  • filecoinFilecoin(FIL)$5.462.52%
  • theta-tokenTheta Network(THETA)$1.222.28%
  • ElrondElrond(EGLD)$51.124.68%
  • bitcoin-cash-svBitcoin SV(BSV)$56.140.81%
  • eosEOS(EOS)$0.942.33%
  • paxos-standardPax Dollar(USDP)$1.00-0.07%
  • makerMaker(MKR)$913.672.55%
  • AaveAave(AAVE)$58.201.66%
  • huobi-tokenHuobi(HT)$4.93-0.76%
  • iotaIOTA(MIOTA)$0.2718552.55%
  • zcashZcash(ZEC)$55.37-1.17%
  • neoNEO(NEO)$8.591.76%
  • basic-attention-tokenBasic Attention(BAT)$0.4055127.65%
  • zilliqaZilliqa(ZIL)$0.0392522.93%
  • havvenSynthetix Network(SNX)$2.29-2.66%
  • wavesWaves(WAVES)$5.13-2.63%
  • dashDash(DASH)$42.90-1.40%
  • PancakeSwapPancakeSwap(CAKE)$3.123.50%
  • KusamaKusama(KSM)$49.332.91%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.0388020.91%
  • CompoundCompound(COMP)$48.720.85%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$2.873.25%
  • bitcoin-goldBitcoin Gold(BTG)$15.69-2.40%
  • omisegoOMG Network(OMG)$1.883.94%
  • golemGolem(GLM)$0.232544-3.09%
  • ontologyOntology(ONT)$0.2306782.03%
  • SushiSushi(SUSHI)$1.01-0.19%
  • yearn-financeyearn.finance(YFI)$5,519.332.24%
  • umaUMA(UMA)$2.54-0.17%
  • digibyteDigiByte(DGB)$0.0093523.71%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....