SEC Continue to Destroy Ton as New Documents Appear The U.S. Securities and Exchange Commission (SEC), which released documents as part of an ongoing lawsuit against Telegram, said that evidence of token sales after the ICO debunks the company’s argument that the placement of tokens had the right to be exempted from registration requirements. Da Vinci Capital Investment Fund and an organization called Gem Limited have requested a fee of $ 209,783 and $ 1.1 million, respectively, for “subsequent sales” of Telegram token purchase agreements. According to reports submitted by SEC, on June 20, 2018, Da Vinci Capital sold Gram tokens worth more than $ 2 million to a fund managed by its portfolio company ITI Funds. Gem Limited sold Gram for $ 8.6 million to Goliat Solutions and $ 4.5 million to Space Investments Limited on July 2, 2018. Both sales occurred after two rounds of ICO, which Telegram claims were eligible for registration exemptions under Regulation D, which were completed in February and March 2018. Recent documents have added to the list of evidence that the SEC submitted to the District Court for the Southern District of New York to confirm the illegal sale of Gram tokens as unregistered securities. The SEC claims that under Regulation D, the issuer must take reasonable measures to ensure that buyers do not act as legal underwriters (that is, they do not sell the issuer’s securities for commissions), says Philip Moustakis, Seward & Kissel lawyer. According to the SEC, Telegram-billing companies did just that. At the same time, Telegram says that the commission was a fee for distributing information about Gram to other investors outside the United States, Mustakis said. The American regulator has accused Telegram of unregistered sale of tokens in October 2019. Telegram agreed to postpone the launch of the project, which had previously been planned for the end of October until April 2020. TON investors approved the launch transfer, refusing to refund pending settlement of disputes with the SEC.