The Washington Chamber of Digital Commerce provided an expert opinion on the current legalthe proceedings between the Telegram messenger and the US Securities and Exchange Commission (SEC).
This conclusion constitutes legala document in which a person who is not involved in the trial sets out his arguments. The paper was written by Lilya Tessler, partner and head of the law firm Sidley Austin LLP, which advises the Digital Commerce Chamber. Tessler made a number of arguments about how crypto assets should be considered by the Southern District of New York court.
Given that the Chamber was established in 2014 forpromoting digital assets and introducing blockchain, the organization emphasized that it was not at all trying to prove whether Gram tokens are securities. The organization calls for clarity in the rules for regulating cryptocurrencies, expressing its interest in the fact that the regulatory requirements applicable to crypto assets are as clear and understandable as possible.
The Chamber of Digital Commerce has asked the court tohe distinguished the concepts of a digital asset that is the subject of an investment contract from a securities transaction. To do this, you need to perform two different analyzes — determine the existence of such an investment agreement involved in transactions with securities, and determine whether the subject of the investment agreement is a consumer good that can be sold through an ordinary commercial transaction.
According to the Chamber, not all digital assetsshould be regulated as securities only for the reason that they are based on blockchain technology. Tessler noted in the document that not all transactions made with cryptocurrencies require compliance with the securities law, because in addition to the SEC, a number of other regulators are involved in these issues.
“There are different regulatory regimescryptocurrency activities to protect buyers or counterparties. For example, digital asset fraud and market manipulation is the responsibility of the Commodity Futures Trading Commission (CFTC), depending on the facts and circumstances. Activities related to digital assets may also be regulated by bank secrecy laws, federal and state consumer protection laws, and money transfer licensing laws. ”
Last week, a decryption of the judicial testimony of Pavel Durov from January 7 and 8 was published, and earlier this month, the SEC provided evidence of the sale of Gram tokens after the completion of the ICO.
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