Stephen Palley

Stephen Palley is a partner in Washington, D.C. office of the Anderson Kill law firm, where he is a member of the firm's nationally recognized insurance recovery practice and chair's the firm's Technology, Media and Distributed Systems practice group. The opinions expressed are his alone, not those of past, present of future clients or employers, and are not intended as legal advice.

Court in Telegram case blocks gram token issuance, says token distribution likely violates securities law

The $1.7 billion 2018 fundraising effort by Telegram hit a major snag today when a Federal Judge in New York issued a preliminary injunction ruling finding that distribution of the “GRAM” token would violate U.S. securities laws. In particular, the Court ruled that “considering the economic realities under the Howey test, the Court finds that, […]
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Mar 24, 2020, 11:08PM UTC