SEC Blocks $1.7B Digital Token Offering In Court

Law360 (October 11, 2019, 10:06 PM EDT) -- The U.S. Securities and Exchange Commission obtained a temporary restraining order in New York federal court Friday to block two offshore entities from carrying out a $1.7 billion digital token offering that the agency says violates securities laws.

U.S. District Judge P. Kevin Castel granted the SEC's request after it filed an emergency action in the Southern District of New York against Telegram Group Inc. and its wholly owned subsidiary TON Issuer Inc. The government said they were preparing to deliver approximately 2.9 billion digital tokens called Grams to investors no later than Oct. 31, at which time the tokens could...

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