The United States Securities and Exchange Commission (SEC) has been in the thick of the action over the past week. First, the SEC rejected the Bitcoin ETF application from Bitwise Asset Management and NYSE Arca. Next, the governing body obtained a temporary restraining order against Telegram and its wholly-owned subsidiary Telegram Open Network (TON) for hosting a securities sale which would culminate with the distribution of Gram (GRM) tokens within the U.S. The SEC claims that the ICO was illegal as Telegram did not register the offering.
While both news events are overwhelmingly negative, the crypto markets have held their own and have not collapsed. This shows that the markets have matured and the market participants are not dumping their holdings in panic, which is a positive sign.