As far as I understand it, they're doing this under the Telgram brand, but it's effectively whatever organization "owns" the TON effort and where they are incor

As far as I understand it, they're doing this under the Telgram brand, but it's effectively whatever organization "owns" the TON effort and where they are incorporated. It looks like there are at least two "Telegram" orgs, one located in the UK (according to the Bloomgberg profile), and I'm not clear if this other one is in the US or somewhere in the EU. There's an issue if they're offering a security (which they basically are). They could make that security available through a foreign regulated market legally, but they can't allow "the world" to buy it. If they could restrict purchasing with a legal framework then they may be able to resist the judge's orders that forces them to never sell it. But yes, US anti-money laundering law is some very intense stuff.