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电报否认:法院站在SEC一边,授予禁令禁止发行GRAMs

2020-3-25 14:56

 

美国一家地方法院已经对Telegram下达了禁令,禁止该公司目前发行GRAM令牌。


根据3月24日批准美国证券交易委员会(sec)申请初步禁令的文件,法院写道:


“法庭发现,美国证券交易委员会(SEC)已经显示出大量成功的可能性证明合同和理解问题,包括出售29亿克175购买者,以换取17亿美元,是一个更大的计划的一部分分发这些克成二级公共市场,这将是由电报支持正在进行的努力。考虑到Howey测试下的经济现实,法院认为,在该计划的背景下,将克转售到二级公开市场将是证券销售的一个组成部分,无需必要的登记声明。”


证券交易委员会和电报:一个仇恨的故事


Telegram官司从去年10月就开始了,在2018年Telegram开放网络(TON)的首次硬币发行(ICO)之后。


与许多ico一样,美国证交会的立场是,根据1934年的豪伊测试(Howey Test),此类发行构成了未注册证券的出售。


Telegram认为,由于它在第一轮发行之前就提交了豁免证券发行的D 506(c)表格通知,所以它被授权向合格投资者出售代币。


然而,法院在签发禁令时指出,由于Telegram打算让Gram令牌进入二级市场,因此取消了它们的豁免:


“Telegram将g卖给最初的买家,他们将扮演法定承销商的角色,这是正在进行的证券公开发行的第一步,因此,Telegram不能获得豁免第4(a)条或第506(c)条注册要求的好处。”


法院驳回了Telegram的论点,即一旦实施,Gram将成为一种商品,因此不在SEC的监管范围之内。这一判决可能会通过ICO模式打击许多代币发行者。


法院驳回Telegram对本案所谓安全的描述。虽然作为一种简写引用很有帮助,但是在这种情况下,安全性不仅仅是Gram,它与字母数字密码序列差不多。豪伊指的是投资合同……这包括以销售和分配Gram为中心的一整套合同、期望和理解。豪伊要求审查各方的全部理解和期望。”


文件总结道,法院必须停止发放克令牌,文件内容如下:


“法院又裁定,把证券交付给最初的买家,而买家会把这些证券转售给公众市场,这几乎构成将来受到损害的一定风险,即在没有登记声明的情况下完成证券的公开发行。”禁令,禁止向最初的购买者交付克,从而防止这一正在进行的违反的顶点,是适当的,将被授予。”

 

A United States District Court has granted an injunction against Telegram, preventing the company from issuing its GRAM tokens at the present time.

 

Court says that GRAMS are securities under Howey test

 

Per a March 24 filing granting the Securities and Exchange Commission’s request for a preliminary injunction, the Court wrote that:

 

“The Court finds that the SEC has shown a substantial likelihood of success in proving that  the contracts and understandings at issue, including the sale of 2.9 billion Grams to 175 purchasers in exchange for $1.7 billion, are part of a larger scheme to distribute those Grams into  a secondary public market, which would be supported by Telegram’s ongoing efforts. Considering the economic realities under the Howey test, the Court finds that, in the context of that scheme, the resale of Grams into the secondary public market would be an integral part of the sale of securities without a required registration statement.”

 

The SEC and Telegram: A Hate Story

 

The Telegram court case has been ongoing since October last year, following the 2018 initial coin offering (ICO) for the Telegram Open Network (TON).

 

As with many ICOs, the SEC has taken the stance that under the 1934 Howey Test, such offerings constitute the sale of unregistered securities.

 

Telegram had held that since it filed a Form D 506(c) Notice of Exempt Offering of Securities prior to the first round of its offering, it was authorized to sell tokens to accredited investors.

 

However, the Court noted in granting the injunction that since Telegram intended for the Gram tokens to reach the secondary market, disqualifying them from exemption: 

“Telegram’s sale of Grams to the Initial Purchasers, who will  function as statutory underwriters, is the first step in an ongoing public distribution of securities and, as such, Telegram cannot receive the benefit of an exemption from the registration requirement under either section 4(a) or Rule 506(c).”

 

In a sentence that may deliver a blow to many issuers of tokens through the ICO model, the Court rejected Telegram's argument that the Gram would become a commodity once actualized and therefore fell outside the purview of the SEC. 

 

"The Court rejects Telegram’s characterization of the purported security in this case. While helpful as a shorthand reference, the security in this case is not simply the Gram, which is little more than alphanumeric cryptographic sequence. Howey refers to an investment contract... that consists of the full set of contracts, expectations, and understandings centered on the sales and distribution of the Gram. Howey requires an examination of the entirety of the parties’ understandings and expectations."

 

Concluding that the court must stop the delivery of GRAM tokens, the filing reads:

“The Court also finds that the delivery of Grams to the Initial Purchasers, who would resell them into the public market, represents a near certain risk of a future harm, namely the completion of a public distribution of a security without a registration statement.  An injunction, prohibiting the delivery of Grams to the Initial Purchasers and thereby preventing the culmination of this ongoing violation, is appropriate and will be granted.”

 

原作者: Jon Rice 来自: cointelegraph