[aakilfernandes]

> they don't care and will look at how your token actually works and whether this is an investment contract under the Howey test.

This is 100% correct, but you're making the wrong conclusion. You're concluding the SEC considers the legal framework bogus, when the SEC is arguing they have not met the legal framework.

In a SAFT you sell securities for future non-securities. What Telegram did was sell securities for future securities. There's a couple of facts they use in this assertion:

1. Telegram said they would leverage their existing user base to promote the token (i.e. the success of Grams is based on Telegram's efforts as a promoter) 2. TON is PoS, and that its not possible to deliver a PoS network when the original stakers are all qualified investors