What Telegram Ruling Tells Us About Future Of Crypto Sales

Law360 (April 20, 2020, 4:26 PM EDT) -- On March 24, Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York granted the U.S. Securities and Exchange Commission’s motion for a preliminary injunction in the closely followed SEC v. Telegram Group Inc. case.

The preliminary injunction continues to prevent the delivery by Telegram Group and TON Issuer, referred to here collectively as Telegram, of Grams, a new cryptocurrency intended to be delivered in connection with the launch of the Telegram Open Network, or TON, Blockchain, to the purchasers in private placements conducted in 2018.

Given the lack of judicial precedent in this area...

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