SEC on $1.7B Token Sale, TON Responded

TON released a letter to investors, which says how it has been asking for a solicit from the SEC of the United States. And this was all about the TON blockchain, and it does not agree with its recent action.

Telegram Open Network, or TON, developers wrote a letter as a response to its investors. And this was after American regulators announced all of a sudden that its $1.7 billion tokes sale was illegal.

In the letter, the firm expressed that they felt surprised and disappointed about SEC filing a lawsuit under these situations. It stated, “We disagree with the SEC’s illegal position.

Moreover, still in the letter, the firm assured that they would not stop assessing the ways to solve the issue in the interests of relevant parties. Also, the delaying of the launch date is one of the things that they will think about.

Concerns About SEC

Aside from that, the SEC has significantly been criticized for its lack of clarity about cryptocurrencies and ICOs. Previously, in late September, a group of lawmakers from the U.S. Congress delivered a letter to the authority’s chairman Jay Clayton. And it urges the commission to issue clear guidance on cryptocurrencies. Before, Representative Warren Davidson hosted a crypto roundtable. And in here, participants addressed their concerns regarding the existing legal framework for ICOs and crypto.

John Berlau is a senior member at libertarian think tank Competitive Enterprise Institute. And around this year, he criticized the approach of the SEC in regulating cryptocurrencies. Berlau argued that its burdensome regulation stops transformative innovative.

In addition to that, he stated that the scrutiny of SEC might threat the functionality of blockchain tech if the agency treats cryptocurrencies as securities. Then, earlier in April, United States lawmakers introduced the Token Taxonomy Act again. And this aims to exclude crypto from securities laws.