Note that a16z is an RIA now - not a VC anymore. Recent news stories tell of them planning on investing up to $1B in crypto. As an RIA, they can make riskier in

Note that a16z is an RIA now - not a VC anymore. Recent news stories tell of them planning on investing up to $1B in crypto. As an RIA, they can make riskier investments. Here is the governments claim (3): "Grams are securities because the Initial Purchasers and subsequent investors expect to profit from Telegram’s work: the development of a TON “ecosystem,” integration with Messenger, and implementation of the new TON Blockchain." TON failed the Howey test by their offering in the US markets and - this is the critical part not mentioned - they refused to acknowledge or respond to the SEC. Full-stop, end of story. The courts can start to wrap it up on April 30.