Curriculum·Graduate·G801
Securities Law for Tokenized Assets
Telegram and the TON blockchain, 2020.7 billion dollars from investors by selling rights to a token, Gram, that it planned to launch on its TON blockchain, treating the sales as exempt private offerings and the Grams themselves as a currency.
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Lesson 1 opens on
Telegram and the TON blockchain, 2020
7 billion dollars from 175 purchasers by selling rights to a token, Gram, that it planned to launch on its TON blockchain. It treated those private sales as securities offerings exempt from registration under Rule 506(c) of Regulation D, and it maintained that the Grams themselves, once delivered at launch, would be a currency, a medium of exchange, and not investment products. The US Securities and Exchange Commission disagreed.
The lessons
- G801-01Is the token a securityExplain that the securities question is decided by the economic substance of the offering, not its framingabout 33 min · opens on Telegram and the TON blockchain, 2020
- G801-02What registration and disclosure requireExplain that registration is the process that forces disclosure to investorsabout 33 min · opens on Kik Interactive and the Kin token, 2019 to 2020
- G801-03Exemptions, and the conditions that come with themExplain that an exemption from registration is a conditional path, not a free passabout 33 min · opens on Longfin, 2017 to 2018
- G801-04The tokenized asset that is a security, and what followsExplain that if a token is a security, the venues and intermediaries trading it are regulated tooabout 33 min · opens on EtherDelta, 2018