Telegram has been litigating with the SEC for a while now. The main question of the case is whether the sale of Gram tokens by Telegram’s TON platform is a transaction of securities. Whatever the court ruling will be, it is likely to create a significant precedent for the entire crypto-industry to deal with.
In the recent few days, at least two blockchain-focused advocacy groups addressed the federal court in New York to provide their expertise and try to aid Telegram in their fight, CoinDesk reports.
One of the documents in question was the amicus curiae brief by the Chamber of Digital Commerce, a trade association representing the digital asset and blockchain industry.
The Chamber called for “a clear legal distinction between a transaction determined to be an investment contract and the digital asset that is the subject of the investment contract.” They argued that without this line the industry participants “may not be able to develop or use blockchain technology without unintentionally triggering the U.S. federal securities laws every time a digital asset is used as part of their network.”
Another important move from the crypto-industry stakeholders was the similar brief filed by the Blockchain Association, an advocacy group formed by big crypto-companies including Coinbase, Circle, 0x, Ripple.
The Blockchain Association urged the SEC to refrain from blocking “a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties” and stressed that the blocking would “needlessly harm the investors that securities laws were designed to protect.”
https://forklog.media/sec-vs-ton-what-blockchain-association-involvement-means/
