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SEC Commissioner Pierce Criticized SEC’s Punishment to Telegram
Summary: Securities and Exchange Commissioner Hester Pierce, also known as “crypto mom”, criticized SEC’s decision to penalize Telegram at the Singapore Blockchain Week event on Tuesday. Pierce argues that Telegram’s initial coin offering is conducted under a “Simple Agreement for Future Tokens” (SAFT), which shouldn’t be a breach of security regulations. "What the SEC's Telegram complaint ...
Securities and Exchange Commissioner Hester Pierce, also known as “crypto mom”, criticized SEC’s decision to penalize Telegram at the Singapore Blockchain Week event on Tuesday.
Pierce argues that Telegram’s initial coin offering is conducted under a “Simple Agreement for Future Tokens” (SAFT), which shouldn’t be a breach of security regulations.
"What the SEC's Telegram complaint cast as evidence of an illegal securities offering—that the project would require'numerosity': a widespread distribution and use of Grams across the globe,' I see as a necessary prerequisite for any successful blockchain network," she commented.
Pierce again called for the establishment for a “safe harbor” to allow certain token projects three years of experiment, while regulators can adjust their framework.
By Lily Yang
Tags: Pierce,Regulation,SEC
Link: SEC Commissioner Pierce Criticized SEC’s Punishment to Telegram [Copy]
