Former NASDAQ vice chairman and assistant normal warned the TON group towards launching Telegram's blockchain community till the 2nd U.S. Circuit Court docket of Appeals spoke.
Protected Harbor will not be on SEC's agenda
Manny Alicandro, a New York Metropolis lawyer with intensive expertise in conventional finance and in crypto-asset instances, shared his issues in regards to the drastic plan the TON group had proposed with Cointelegraph. He famous that within the close to future, all issuers ought to adjust to the Howey take a look at. This will solely change:
& # 39; … when Commissioner Peirce's three-year Protected Harbor proposal is lastly authorized. That stated, Commissioner Peirce's time period is because of expire in June 2020, and the proposed protected harbor will not be on the SEC's regulatory agenda. Within the occasion that it’s added to and made public for remark, this course of could take years to request last approval. ”
No time for brash actions
Alicandro referred to the announcement made by the TON group they’ll fork out TelegramOpen supply TON blockchain, regardless of the unfavorable determination of the court in its struggle towards the SEC. In keeping with the group spokesperson:
& # 39; The group was prepared for this (or every other) state of affairs. We have now a number of choices, together with the launch of TON by TCF (TON Group Basis). I’ll say extra, no person (no person) can forestall the launch of TON ”.
Alicandro additionally assumes this isn’t the time for rash actions:
"Telegram has already filed a discover of objection with the 2nd U.S. Circuit Court docket of Appeals. I wouldn't advise them to do something till the second circuit enchantment is set. Urgency will not be essential, particularly as a result of the world goes to be locked because of COVID-19 ”.
However, Alicandro believes that the U.S. authorities can’t in any method forestall the launch of the decentralized open-source community, since neither TON Labs neither the TON group relies in the US
Tezos units a precedent for Telegram?
Like Cointelegraph reported on March 26, Telegram asks the SEC to make clear whether or not the injunction prohibiting the distribution of Gram tokens applies to all traders in its Preliminary Coin Providing or solely to US residents. Alicandro believes it applies to everybody, citing the Tezos case as precedent:
"The Tezos courtroom performed an extraterritorial evaluation the place Tezos had enough contact with the server places in the US, advertising and marketing efforts from the US that the courtroom decided that it had jurisdiction over Tezos."
Since not one of the stakeholders seemingly needs to compromise, this battle can grow to be tedious.