The Blockchain Association with Telegram against the security exchange commission (SEC) of the United States. The blockchain association intervened in the Telegram VS SEC court case to explain that the Telegram token is indeed not security.
The official term for the legal intervention, the blockchain association with Telegram, would be the “amicus curiae transient.” The siding the Blockchain association with Telegram is the consortium of companies that include Coinbase, Circle, and Ripple Foundation.
Why is Blockchain Association with Telegram against SEC?
This is the second time siding of blockchain association with Telegram on the Telegram VS SEC case for the TON blockchain tokens Telegram is offering in the United States. The SEC alleges that the said token is in violation of the U.S law for securities. While the tech world is of the view that the token does not constitutes to be security but rather a digital property.
The Chamber of Digital Commerce (CDC) also sides with Telegram on the matter explaining in a separate amicus curiae transient of its own. The Chamber explains that digital property can deal in funding without primarily have to be security. However, keeping the legal stature of the court, the CDC didn’t advise the court in any direction further than explaining the condition.
Siding the victim Blockchain Association with Telegram standing is firm on the grounds that the company has made considerable efforts to fulfill SEC standards and is now subject to an unfair definition. This is not only hurting the investors in the TON blockchain and token but also the traders and overall market.
The association is of the view that the court shouldn’t delay the matter further that’s holding a well-planned and well-executed project over micro-management financial contracting issues. The project is overall SEC guidelines compliant beside the minor issue, and thus, the guidelines used in this manner are hindering the cryptocurrency sphere progress rather than enabling it.
The association goes as far as to request the court an outright rejection of the SEC’s court case against TON blockchain and, in turn, the Telegram.
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