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Cryptocurrency’s bad news day continues to get worse as the U.S. Securities and Exchange Commission has said it has filed an emergency action and received a restraining order for the $1.7 billion planned token offering of Telegram’s blockchain.
The move from the SEC follows the continued dissolution of the corporate alliance that was supporting Facebook’s planned Libra cryptocurrency.
Telegram’s ambitious founder Pavel Durov was hoping to launch the Telegram Open Network as a payment option that would exist apart from the global regulatory system in much the same way that Libra would have done, according to initial TechCrunch reporting.
While the Telegram offering had been in the works since January 2018, it had run into problems by the middle of last year and the future of the protocol was already in jeopardy.
[...] "Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold," said Stephanie Avakian, Co-Director of the SEC's Division of Enforcement, in a statement. "We allege that the defendants have failed to provide investors with information regarding Grams and Telegram's business operations, financial condition, risk factors, and management that the securities laws require."
(Score: 2) by JoeMerchant on Thursday October 17 2019, @01:02AM (3 children)
TBills are no more creating money from nowhere than running a charge on your Master Card - the bill comes due soon enough.
🌻🌻 [google.com]
(Score: 0) by Anonymous Coward on Thursday October 17 2019, @01:20AM
The Federal Reserve is buying treasury bonds (not bills afaik, but maybe I am wrong and this is different from past "QE"s) from banks who bought them from the treasury (+ some MBS). The money to buy these didn't exist until the fed conjured it from thin air to do so.
(Score: 0) by Anonymous Coward on Thursday October 17 2019, @01:49AM (1 child)
You don't understand the USA financial system, or you are being disingenuous.
The money from the The Federal Reserve is just simply conjured into existence. Historically they took a piece of paper, added some ink and waved a magic wand over it and it was suddenly worth $1/2/5/10/100/1,000/10,000.
These days they do it on a computer and you don't even get the paper.
In order to get that money into circulation, the Government (Treasury Dept) sells them T-Bills. So to put a billion in dollar bills into the economy, you suddenly owe some private bankers that billion dollars, plus interest. But where did the private bankers get the billion? - Magic.
The really insidious part is that they have convinced you all that all the money conjured into existence should be owned by a private company, rather than society.
(Score: 0) by Anonymous Coward on Thursday October 17 2019, @01:57AM
And now you know why there is a fake impeachment story dominating the deep state run news networks.