Aragon to Lauch Mainnet

In May 2017, Aragon spent a super fast ICO, in just 15 minutes, collecting the planned 275,000 ETH (about $25M at the time)
01 November 2018   1637

Positioning itself as the “first blockchain tool aimed at helping to create and manage companies around the world,” the Aragon project is now available on the main Ethereum network.

Version Aragon 0.6 was named Alba, and as they say in the project's blog, it marks a “new era of human interaction”.

The proposed solution allows users to create decentralized autonomous organizations (DAO) for their communities or enterprises with the possibility of voting. Aragon 0.6 also allows you to use your own tokens for solving management tasks.

The developers of Aragon do not recommend using Alba for storing large amounts, as the team is working on finding and fixing vulnerabilities.

Representatives of the project also note that since the launch of the Aragon network, more than 15,000 organizations have been created - more than new enterprises are created annually in Austria, Malta and Luxembourg combined.

In May 2017, Aragon spent a super fast ICO, in just 15 minutes, collecting the planned 275,000 ETH (about $25M at the time).

Court to Ban TON Tokens Release

U.S. District Judge P. Kevin Castel, of the Southern District of New York issued a temporary restiction, therefore supporing the SEC
25 March 2020   1028

The American court issued an order to the developer of the Telegram messenger, according to which he should refrain from the distribution of tokens of the TON blockchain project planned for next month.

According to CoinDesk, on March 24, the District Judge of the Southern District of New York, Kevin Castel, issued a temporary injunction, recognizing the SEC's arguments regarding the sale of unregistered securities by the company as reasonable.

The Court finds that the SEC has shown a substantial likelihood of success in proving that the contracts and understandings at issue, including the sale of 2.9 billion Grams to 175 purchasers in exchange for $1.7 billion, are part of a larger scheme to distribute those Grams into a secondary public market, which would be supported by Telegram’s ongoing efforts.

 

Kevin Castel

U.S. District Judge

According to the judge, this feature does not allow considering the Telegram offer as subject to exceptional conditions. He also noted that Telegram structured its project in such a way as to attract “the maximum number of primary buyers” against the background of the expectation of maximum profit at the time of launch.

Considering the economic realities under the Howey test, the Court finds that, in the context of that scheme, the resale of Grams into the secondary public market would be an integral part of the sale of securities without a required registration statement. 

 

Kevin Castel

U.S. District Judge

Conducting an analysis from the standpoint of the Howey test, the judge stated that buyers expected to profit from participating in the campaign. Moreover, although Telegram may argue that it will not become a guiding force in the further development of TON, “in fact,” it will be precisely this.

The judge agreed to distinguish between non-existent Gram tokens and securities purchased by TON investors, but refused to support Telegram's argument that Gram would be a commodity.

The Court rejects Telegram’s characterization of the purported security in this case. While helpful as a shorthand reference, the security in this case is not simply the Gram, which is little more than [an] alphanumeric cryptographic sequence.

 

Kevin Castel

U.S. District Judge

This is not the final decision, but it can serve as a powerful indicator of what position the court will adhere to further.