SEC's Peirce Blasts Telegram Settlement As 'Unsatisfying'

Law360 (July 21, 2020, 8:27 PM EDT) -- SEC Commissioner Hester Peirce on Tuesday took aim at her agency's action against Telegram Group Inc., deriding the "sweeping" injunction imposed on the messaging service's initial offering of Gram digital tokens and questioning whether anyone was actually protected by the enforcement action.

Speaking remotely at Singapore Blockchain Week, Peirce gave a rundown of the U.S. Securities and Exchange Commission's guidance on the application of securities laws to digital token offerings. Taking a position she has many times, she disagreed with the SEC's approach to Telegram's $1.7 billion offering of Gram tokens, saying that the ultimate outcome, a settlement that effectively caused...

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