“Gram tokens are not securities”

Telegram appealed to the U.S. Federal District Court with a request to dismiss the SEC lawsuit for a temporary ban on the sale of Gram tokens due to the fact that they are not securities.

Earlier this month, the US Securities and Exchange Commission (SEC) imposed a restriction on the sale and distribution of Gram tokens, believing that the conduct of this ICO violated US laws.

The SEC accused Telegram of illegally conducting an ICO, during which it raised funds worth more than $ 1.7 billion. The commission said that Telegram was selling securities without proper registration and providing information to investors.

Telegram claims that Gram tokens have nothing to do with securities, currencies and consumer goods. The company emphasized that it conducted a private placement of tokens, which is subject to exclusion from the registration rules in accordance with the Law on Securities of 1933.

In addition, Telegram concluded an agreement with investors, according to which they will receive tokens only after the launch of the TON platform. Therefore, Telegram lawyers demand that the court restore the status quo of the company to conduct any operations with Gram tokens.

Note that initially Telegram planned to launch the TON blockchain platform this month, however, given the current situation and the claims of American regulators, the launch of the platform may be delayed for another year.