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Telegram Responds To SEC, Stating That GRM Tokens “Are Not Securities”

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SEC Asks

Yesterday, news broke showing that Telegram will delay the launch of its GRM token by as long as 6 months. Currently, it seems like the platform is pushing back against the US Securities and Exchange Commission, too. The crypto news today show that Telegram responds to SEC in an official way, filing a letter to the securities regulator on Wednesday and writing that the SEC emergency injunction last week was unwarranted.

As it stands, Telegram is asking for a federal court to deny the regulator and its motion to enforce a subpoena. Furthermore, the messaging giant argued its upcoming Gram token and said that it is not a security – and that the SEC should not be able to force the company to produce any documents about the blockchain project in general.

Meanwhile, the SEC filed an emergency action preventing Telegram from distributing its Gram (GRM) tokens. The altcoin news also show that Telegram violated federal laws by selling an unregistered security. Now that Telegram claims that GRM tokens are “not securities” the SEC’s emergency action “runs counter to longstanding Supreme Court precedent, the SEC’s own views relating to other cryptocurrencies, and common sense,” according to Telegram.

As Telegram responds to SEC, the filing shows that they “did not…offer any securities to the public” through an ICO, referencing the $1.7 billion that it raised using a Simple Agreement for Future Tokens (SAFT) framework.

“Telegram entered into private purchase agreements with a limited number of highly sophisticated purchasers (the ‘Private Placement’) that provided for the future payment of a currency (grams) but only following the completion and launch of the TON Blockchain,” the filing in which Telegram responds to SEC said.

It also added:

“Significantly, Telegram has already treated the Private Placement as a securities offering pursuant to valid exemptions to registration under the Securities Act of 1933. The grams themselves, as distinct from the purchase contracts, will merely be a currency or commodity (like gold, silver or sugar) — not a ‘security’ — once the TON Blockchain launches. “

After the SEC’s action, Telegram emailed its investors and noted that while the company intended to launch TON by the end of October, “the recent SEC lawsuit has made that timing unachievable.”

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Sweden Plans To Roll Out Crypto Krona In 2020

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Sweden plans to roll out a crypto Krona as many of the world’s central banks jumped on the crypto train. In our latest altcoin news, we take a closer look at the new plan for the new digital asset.The Swedish central bank wants to make a deal with the multinational professional services company Accenture to start the plot testing for its central bank digital currency, the e-krona. According to the reports, the new partnership is for an initial year-long run until the end of 2020. A statement from the Riksbank states:
 “The primary objective of the e-krona pilot project is to broaden the bank’s understanding of the technological possibilities for the e-krona.”
The cash usage has already started declining in Sweden which is why Sweden plans to launch a crypto version of its national krona. The central bank of the country is now working on this plane since 2017. The Accenture partnership will involve the development of the payment platform with the user interface that will enable the e-krona transactions from cards and smartphones. There has also been no confirmation from the bank that the crypto krona will see any actual use but it is highly likely because of the given circumstances.The industry observer Rhythm Trader linked crypto to the space race of our generation and it still maintained that bitcoin was the king of all crypto. Sweden has been extremely proactive towards the crypto assets than other regional countries and earlier this week the Swedish Financial supervisory Authority approved the Swiss crypto ETP provider Amun. According to the announcements, Amun is the first issuer that will deliver fully collateralized and passive investment products with cryptocurrencies as the base asset. The president of Amun Ms. Ophelia Snyder added:
 “Our mission is clear and that is to help investors more safely, cost-effectively and easily invest in crypto asset classes through our crypto ETPs. We recognize that the regulatory framework in Sweden has been supportive of such initiatives and we welcome its deliberation.”
The company wants to expand in the future especially its product offerings of crypto-asset Exchange-traded products into EU countries. Sweden is also one of the latest countries with a growing list of central banks engaging in CBDC research and development.
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QuadrigaCX Victims Request To Examine Cotten’s Death And Body

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The law firm from Canada, Miller Thomson, which is involved with the QuadrigaCX victims and case in general has made a specific request to the Royal Canadian Mounted Police (RCMP) to conduct an exhumation and post-mortem autopsy of the body of Gerald Cotten who is the deceased owner of the now-defunct crypto exchange.On December 13, a letter to the RCMP sent from Miller Thomson lawyers explained that the request to exhume and examine Cotten's body was appropriate given the “questionable circumstances surrounding Mr. Cotten’s death and the significant losses” sustained by the users of the cryptocurrency exchange which is no longer in operation.The law firm also pointed to the publicly available information about the debacle which surrounded the Canadian crypto exchange. The QuadrigaCX users are still in shock but the law firm highlighted “the need for certainty around the question of whether Mr. Cotten is in fact deceased.”Over the past year, the QuadrigaCX exchange has been engaged in a lengthy court case with its creditors. Some of them have speculated wildly to the fate of the lost cryptocurrency and some were convinced that Cotton could have faked his own death.For those of you who were not following the crypto news at the time, Cotton reportedly died in India from a fatal disease in December 2018, taking the private keys and passwords to the crypto wallets along with him. This resulted in users losing around $190 million and the exchange being engaged in lengthy court cases with its creditors.In October, the widow of Gerald Cotten named Jennifer Robertson handed over $9 million in assets to the users of the QuadrigaCX cryptocurrency exchange. As she announced in a personal statement, she would be transferring the majority of the estate assets to EY Canada, the Big Four auditing firm which acted as the bankruptcy trustee for QuadrigaCX users during the insolvency hearings.
"I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected QuadrigaCX victims," Robertson explained.
For now, we are awaiting a response from the RCMP which will be crucial for the next events.
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Lagarde Suggests ECB Has To Set Objectives For Digital Currencies

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Lagarde suggests that the European Central Bank will have to determine objectives for the cryptocurrencies taskforce in 2020 according to her speech at the first policy meeting. The ECB president Christine Lagarde is known to be one of the major supporters of crypto in the community.Following our latest cryptocurrency news, Lagarde suggests that the ECB will have to reconsider its status on crypto. The Governing Council met to decide about the interest rate and the monetary policies and Lagarde held her first press conference there along with the ECB Vice-President Luis de Guindo. She said that the central banks want to figure out new objectives for a digital currency before the first half of the year saying that the ECB will have to get ahead of the ‘’curve’’ on that matter.The ECB has to also set new priorities and determine what it wants to achieve with the new taskforce and Lagarde said:
‘’Are we trying to reduce costs? Are we trying to cut out the middleman? Are we trying to have inclusive finance at no cost? There is a whole range of objectives that can be pursued.’’
Lagarde admitted to the increased demand for stablecoins ignoring Bitcoin and referred to the interest shown by the Canadian and British counterparts as well:
‘’My personal conviction is that given developments we see, not so much in bitcoin but in stablecoins projects… we’d better be ahead of the curve because there is clearly demand out there that we have to respond to.’’
Last month, the bank was thinking about launching a digital currency and the proposal was a part of the new draft that seeks to ban the high-risk crypto projects. At that time, a target for ECB was Libra and the global digital currency projects developed by some entities such as Facebook which have been repeatedly criticized by European leaders. With a digital currency that will be parallel to the euro, the consumers will have a cheaper means of payment option and this will also have a huge impact on the bank’s fiscal policy.  The Central bank will also be able to inject funds into the economy to achieve inflation targets which the ECB left unchanged so far.
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Square Crypto Gives Grant To A Talented Network Developer

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Open source funding is a challenging thing in the cryptocurrency ecosystem, which is why well placed grants can make a huge difference. This is something that the Square Crypto initiative knows and how it decided to give a grant to one talented developer.As the crypto news show, the developer who is working full time on the Lighting Network (a proposed second layer scaling solution for Bitcoin) has been awarded with a grant and the team welcomed him and his pseudonymous 'ZmnSDPxj' nickname into the fold on December 11th.The actual identity behind the 'ZmnSDPxj' nick was not relevant for receiving the grant. In fact, Square Crypto gives a grant but still knows nothing about the person besides the fact that he or she lives somewhere in Asia.However, the important thing is that Square Crypto has acknowledged the quality of the work in the Lighting ecosystem and went on to explain it in their announcement, stating:
“ZmnSCPxj has been a part-time contributor to Lightning and C-Lightning for two years. With this grant, he’ll be able to leave behind his day job of 14 years and go full-time on Lightning and bitcoin. This is the first financial support he’s received for his bitcoin work … ZmnSCPxj is well-known for his prolific posts on lightning-dev email lists, ability to analyze and respond to proposals in excruciating detail, and doing both while generating comprehensive proposals of his own.”
This grant is another tangible step in the direction of helping the fledging Lighting Network mature. In that manner,  'ZmnSCPxj' will now be able to devote the entirety of their professional focus to contributing to the improvement of the experimental scaling tech.https://twitter.com/sqcrypto/status/1204815615678177280The grant to 'ZmnSCPxj' comes a few months after the Square Crypto team doled out $100,000 in a grant to the BTCPay Foundation, a non-profit organization backing the BTCPay Server project which has recently become something of a darling in the BTC community offering a permissionless Bitcoin payment rail.Square Crypto gives grants and remains a team that is lean, independent and fully open-source. Ran by the CEO of Twitter, Jack Dorsey, the team is determined to shine in the future. As Dorsey stated before:
"The world ultimately will have a single currency, the internet will have a single currency … I personally believe that it will be bitcoin."
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