Bad news for cryptocurrencies is coming from the USA. The SEC is reported to have banned Telegram's cryptocurrency. The tokens turned out to be unregistered assets and therefore are illegal as something that can be sold to American investors. This is what Bloomberg reported the other day.
For those fo you who don't know, Telegram collected over 1,7 billion dollars in 2018. In exchange, Telegram was supposed to issue 3 billion tokens by the end of October 2019. However, the SEC assumes that the mentioned process of collecting around 2 billion dollars was illegal. On top of that, the so-called "Gram" coin cannot be offered in the USA since the asset has never been registered with American financial regulators. At the same time, it's reported that Telegram attracted around 425 million dollars from American investors.
SEC and Cryptocurrencies
The SEC's decision has undermined the entire cryptocurrency industry since Gram is considered to be a really promising assets, which could potentially become really popular with international crypto-enthusiasts and professional crypto-investors. Many programmers, as well as such providers as Coinbase Inc. and Anchorage announced their decision to back the coin the other day.
