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法院延长电报的区块链网络的延迟等待裁决

2020-2-20 16:53

 

 

Telegram和美国证券交易委员会(SEC)今天在一场备受期待的法庭听证会上展开了辩论,这场听证会将决定即将到来的TON区块链的命运。但答案必须等待,至少现在是这样。


概要:


Telegram同意在法院决定如何处理即将到来的区块链网络的同时,延长一项限制令。

美国证券交易委员会称,该平台的本国货币克是未经注册的证券。

法官凯文·卡斯特尔(Kevin Castel)同意注意4月30日的最后期限。如果届时Telegram还没有开通,它可能不得不把钱还给投资者。


经过两个小时的听证会,纽约联邦法官今天延长了一项紧急限制令,禁止Telegram分发即将推出的区块链网络的本地货币“克”。


Telegram同意暂时搁置,等待法庭对SEC申请初步禁令的裁决。然而,Telegram的律师坚称,公司的目的是推动比特币的发展,让Gram token成为一种“新的大众市场加密货币”,甚至超越比特币和以太币。


美国纽约南区地方法院的法官凯文·卡斯特尔表示“保留”,这意味着他将在4月30日前做出书面裁决。时机很重要:由于收购协议中的一项条款,如果网络不能在4月30日之前上线,投资者将有权要求退款。


法官卡斯特尔在推迟裁决时说,他注意到Telegram的最后期限是4月30日。


自去年10月以来,SEC一直认为,Telegram Open Network 17亿美元的代币交易是非法的,因为根据美国法律,“外婆”构成了证券,证券交易必须在SEC登记。Telegram对所有这些都有异议,但它同意在美国证券交易委员会解决此案之前,推迟推出该网络。


这一决定最终将取决于最高法院对豪伊测试(Howey Test)的解读。根据美国法律,豪伊测试是联邦政府判定一项资产是否符合证券资格的标准。法官卡斯特尔在今天的听证会开始时表示,“豪伊试验已经进行了70年,比坐在前两张桌子上的大多数人的寿命都要长。”他说,另一方面,加密货币只存在了“12年”。


美国证券交易委员会辩称,出售格兰姆代币构成了豪伊的证券要约。美国证券交易委员会(SEC)律师乔治•杰拉尔多•特雷罗(Jorge Gerardo Tenreiro)在听证会上表示:“Telegram可以用其它方式做到这一点。”但他说,在美国证券交易委员会就出售一事联系他们之后,Telegram只提交了一份表格D,这是一种豁免注册要求的类型。“电报应该禁止进行下一步的非法活动,”Tenreiro说。


解密网的律师们对法官卡斯特尔今天的判决有不同的解释。


律师郭燕昆(Yankun Guo)在芝加哥开设了自己的事务所,以帮助初创企业。她说,“卡斯特尔法官批准了紧急限制令,这一事实表明,他相信SEC的职位有价值,很可能会成功。”


但Munger Tolles & Olson LLP的合伙人约翰•贝瑞(John Berry)告诉Decrypt,卡斯特尔法官的决定纯粹是为了维持现状。“他必须就一个棘手的问题做出裁决,”他说,但他补充说,卡斯特尔法官推迟裁决的时间越长,他就越有可能做出有利于Telegram的裁决。


郭同意了这一点:卡斯特尔法官还必须权衡阻碍Telegram运营和允许象征性出售的影响,她说,“这可能会向其他公司发出信号,表明它们的活动是合法的,可能会允许非法活动发生。”


不过,“我们需要等着看书面裁决,才能更多地了解法官在这个问题上的推理,”FisherBroyles律师事务所的合伙人马克·博龙(Marc Boiron)告诉Decrypt。“当然,如果投资者同意推迟发行日期,Telegram几乎肯定会向第二巡回上诉法院提起上诉,如果卡斯特尔法官在他的书面裁决中发布初步禁令,”他补充说。

 

Telegram and the SEC squared off today in a much-anticipated court hearing to decide the fate of the forthcoming TON blockchain. But answers will have to wait, for now.

 

In brief

    Telegram agreed to extend a restraining order while the court decides what to do with its upcoming blockchain network.
    The SEC alleges that the platform's native currency, Grams, are unregistered securities.
    Judge Kevin Castel agreed to be mindful of the April 30 deadline. If Telegram's network isn't up by then, it might have to give money back to investors.

 

Following a two-hour hearing, a New York federal judge today extended an emergency restraining order that prevents Telegram from distributing Grams, the native currency for its upcoming blockchain network.

 

Telegram agreed to hold off pending the court’s ruling on the SEC’s request for a preliminary injunction. Telegram’s attorney, however, maintained that it is the firm’s intention to promote the development of the TON blockchain and see Gram tokens become a “new mass-market cryptocurrency” on a level beyond even Bitcoin and Ethereum.

 

Judge Kevin Castel, of the U.S. District Court for the Southern District of New York, "reserved"—meaning he will be issuing a written ruling before April 30. The timing is important: Due to a clause in the purchase agreements Telegram issued for Grams, if the network doesn’t launch by April 30, investors could be entitled to claim their money back.

 

Judge Castel said in delaying his ruling that he is mindful of Telegram’s April 30 deadline.

 

Since October, the SEC has argued that the $1.7 billion token sale for the Telegram Open Network was illegal, because Grams constituted securities under US law, and sales of securities have to be registered with the agency. Telegram disputes all of this, but agreed to hold off launching the network until the case is resolved with the SEC.

 

That decision will ultimately depend on the court’s reading of the Howey Test, the yardstick by which the federal government decides if an asset qualifies as a security under US law. Judge Castel began today’s hearing by saying that "the Howey Test has been with us for 70 years, longer than most of those at the front two tables have been alive.” Cryptocurrencies, on the other hand, have only been “with us for 12 years,” he said.

 

The SEC is arguing that the sale of Gram tokens constituted an offer of securities under Howey. “Telegram could have done it in other ways,” said SEC attorney Jorge Gerardo Tenreiro during the hearing. But Telegram only filed a Form D, a type of exemption from registration requirements, after the SEC contacted them about their sale, he said. “Telegram should be enjoined from carrying out the illegal next step,” Tenreiro argued.

 

Lawyers Decrypt spoke to disagree on the interpretation of Judge Castel’s decision today.

 

Yankun Guo, a lawyer who set up her own practice in Chicago to help early-stage startups, said, “The fact that Judge Castel had granted an emergency restraining order signals that he believes the SEC position has merit and is likely to succeed.”

 

But John Berry, a partner at Munger Tolles & Olson LLP, told Decrypt that Judge Castel’s decision was purely to sustain the status quo. “He's got to issue his ruling on a thorny issue,” he said, but added that the longer Judge Castel delays his ruling, the more likely it is he’ll rule in favor of Telegram.

 

Guo agreed to that: Judge Castel must also weigh up the implications of impeding Telegram’s operations versus allowing the token sale to continue, she said, “which could signal to other companies that their activities are legal and potentially allowing illegal activity to occur.”

 

Still, “We will need to wait to see the written ruling to know much more about the judge's reasoning on the matter,” Marc Boiron, a partner at law firm FisherBroyles, told Decrypt. “Of course, subject to any issue with investors agreeing to push back the date of distribution, Telegram will almost certainly appeal to the Second Circuit if Judge Castel issues a preliminary injunction in his written ruling,” he added.

 

原作者: Robert Stevens and Matthew Lee 来自: decrypt