'What Are the Main Barriers, Regulatory or Otherwise' (Regulatory Digest, Dec 21 — 27)

Thailand plans to relax laws on ICOs, Bermuda issues a draft regulation, CONSOB halts Avacrypto, USA introduces the Token Taxonomy Act, CFTC questions about Ethereum, a report on Belgium, UAE, the EAEU, and Abkhazia, UAE plans to finalize regulations in 2019, Israel enlists the help of locals, South Korea regulators indict three Upbit employees, FCA is set to receive new duties

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Telegram disagrees with SEC’s allegation, claims to have tried engaging the regulator for 18 months

Telegram said it disagrees with the Securities and Exchange Commission's lawsuit against its token sales, saying that it has attempted to engage with the Securities and Exchange Commission (SEC) "for the past 18 months." According to a letter reviewed by The Block, the messaging app told its token investors that they are "surprised and disappointed that the SEC chose to file the lawsuit." The firm said that it has tried to communicate with the regulator and solicit feedback over the past 18 months regarding its TON blockchain project, although it did not specify whether the SEC gave any feedback.  On Friday, the SEC brought Telegram and its subsidiary TON Issuer to court for conducting an allegedly unregistered token sales last year. The company raised over $1.7 billion from the sales and promised to deliver the tokens by Oct. 31, although it did not specify whether they have received any feedback.  Now, Telegram is telling its investors that it will "take a break" to have more clarity on the legal status of the TON project and its Gram tokens. In the letter, the company said that they are assessing whether they need to delay the launch of TON, which was originally set to go live by Oct. 31.  Bloomberg first reported the story.
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