Welcome back to another Crypto Daily 3 at 3. What's going on, guys? It is Tuesday, October 15th. We're just doing a couple, it should be a quick one, actually. We're going to look, do a couple quick recaps, updates on major stories from the end of last week, specifically around Telegram, with some crazy new news that's just being reported by one outlet so far, but that I think

is really interesting.

And then second about the new sleeker, slimmer Libre Association.

But let's start on Telegram.

So if you'll remember last week, Telegram, the SEC had an emergency action to stop the

telegram, basically distribution of telegram ton tokens.

And it was big news. It happened just at the very end of the day on Friday.

And there was a lot of commentary about what it meant, particularly for SAFs.

So what I want to talk about is this kind of interesting news

being reported by Block TV that maybe the SEC isn't

Telegram's only problem.

But first, let's talk a little bit about the analysis

of the filing against Telegram in the first place.

So I Bichol from Electric Capital did a great

thread on this. And I'm just going to go through some of the key highlights. Basically, his

theory, his conclusion after reading this, is that the SEC is actually being consistent with

their application of the Howie test and that it looks to him that like this doesn't particularly

threaten the idea of the SAFT. So first, for those who don't know what the Howey test is,

it's the kind of the legal rubric or framework by which the SEC judges whether something is

a security or not. It comes from an old court case.

And the criteria include A, an investment of money, B, a common enterprise, C, the expectation of profit, and D, based on the efforts of others, right? So you have to have all four of those. So you

can't just have an investment of money in a common enterprise with the expectation of profit,

...