TON blockchain legal issues

The SEC v. Telegram (2020) case remains one of the most influential legal decisions in the blockchain and cryptocurrency industry. As a crypto lawyer, I view this case as a turning point that reshaped how token issuers approach private sales, fundraising structures, and compliance obligations. The ruling delivers a clear message: pre-launch token sales, even to accredited investors, may be treated as securities offerings if they involve an expectation of profit from the issuer’s efforts.