U.S. SEC Commissioner Hester Pierce criticizes SEC’s penalties for Telegram

US Securities and Exchange Commission (SEC) Commissioner Hester Pierce said that he does not support the SEC and Telegram to reach a settlement on ICO. Distributing and using Telegram token Gram globally is a sufficient and necessary condition for a successful blockchain network. The SEC prosecuted and punished Telegram for selling Grams wrongly. He further pointed out, “Who are we protecting by taking this action? The initial qualified investors are those who want to buy Gram outside the US? Are they really seeking protection under US securities laws? Innovation in the digital asset industry continues Challenger to our position as a securities regulator. I hope we can provide some guidance to some innovators. “Lianwen previously reported that in May this year, Telegram founder Pavel Durov announced the termination of the blockchain platform TON developed by his team. In June, the SEC submitted a proposed final judgment proposal to the court on the terminated Telegram Open Network project. The document shows that the SEC reached a settlement with Telegram, which returned investors $1.2 billion and will pay a fine of $18.5 million to the US SEC.