Re:Coinbase Sued by SEC for Breaking US Securities Rules
by EGreg on Tuesday June 06, 2023 @09:38AM
(#36212556)
That’s a good point.
Look at Telegram. They tried to use Reg D to sell the initial SAFTs, and restricted it only to millionaires, so clearly they were the type of “accredited investor” the SEC wanted.
Well, Rule 144 says after a year of holding, these millionaires could sell to anyone. Read section 4a(1) of the Securities and Exchange Act. But, somehow, the SEC got Telegram to abandon its plans and return all the money. I followed that case and it was never really clear what securities laws they broke. Maybe someone here can explain, if you actually read the case also.
Now the decentralized TON community is building it instead.
Look at Telegram. They tried to use Reg D to sell the initial SAFTs, and restricted it only to millionaires, so clearly they were the type of “accredited investor” the SEC wanted.
Well, Rule 144 says after a year of holding, these millionaires could sell to anyone. Read section 4a(1) of the Securities and Exchange Act. But, somehow, the SEC got Telegram to abandon its plans and return all the money. I followed that case and it was never really clear what securities laws they broke. Maybe someone here can explain, if you actually read the case also.
Now the decentralized TON community is building it instead.
https://www.coindesk.com/markets/2020/04/12/making-sense-of-...