I didn't buy the Telegram token, I don't know anything about it or how it works having recently become an ETH maximalist. That said the SEC claims to exist to protect investors and their incursion against Telegram token likely has destroyed 20 billion in real value and more in potential gains. I think legacy institutions should stick to regulating legacy markets because frankly many of these people are too old and/or too ignorant to properly regulate markets they understand, much less cryptocurrency. Ofcourse that's assuming they mean well and are not simply corrupt. EOS raised 4x what Telegram did , was run by far shadier characters and hasnt delivered on anything yet got a slap on the wrist from the SEC. It begs the question, who do regulators work for?