SEC Commissioner Peirce takes on her colleagues in Telegram case

"The resulting settlement orders and litigation releases leave the industry to guess at the path to compliance.  Candidly, given the approach we have taken, I often struggle to see a path to compliance; my colleagues sometimes see the sale of a security when all I see is a sale of tokens to be used in a network.  How can a token network ever get off the ground if every token distribution event is viewed as a securities offering?"