A court in the Southern District of New York recognized Gram tokens as securities and forbade transferring them to buyers who acquired IPO rights at the beginning of 2018. A preliminary court decision was made on Tuesday, March 24, and can be appealed.
The court agreed with the position of the US Securities and Exchange Commission (SEC). The court ruling said that based on Howie’s test to determine if something is a security, the SEC has proven that Telegram’s current Gram distribution plan is an offer of securities.
Telegram will suffer critical reputation damage if the TON blockchain is not launched, the court admits. Attracting $1.7 billion, Telegram representatives emphasized their technical competence, and the failure of the new cryptocurrency project will obscure the reputation of Telegram and the Durov brothers, the document says that this will limit the ability to launch new products, attract technical specialists and even raise the capital needed to maintain the messenger Judging by the data presented, the court ruling says that Telegram’s revenues are directly related to the incomes of the initial buyers, which may rise or fall along with the success or failure of the TON blockchain platform.
The blockchain platform Telegram Open Network (TON) was conceived by Pavel Durov as a global ecosystem with its own cryptocurrency (Gram), which can be used to pay for goods and services. For the first time, it became known about TON in January 2018 from the white paper of the project, which leaked to the network. The launch of TON could take place on October 31, but after the SEC filed a lawsuit against Telegram, Pavel Durov, with the consent of investors, postponed the launch date until the court decision.
Durov hoped that the launch of TON would usher in a new, decentralized economy on the Internet, and Gram would seriously compete with Bitcoin and Ethereum for this, the creators of the platform attracted $1.7 billion of investments from around the world. Famous investors in the TON blockchain platform include Russian entrepreneurs Roman Abramovich, Sergey Solonin and David Yakobashvili, foundations and businessmen from Silicon Valley, Asian entrepreneurs and members of the Durov fan club, such as Hollywood actor Jared Leto.
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Telegram Open Network (TON) is a blockchain-based digital project developed to be fast, safe, scalable and capable of processing millions of transactions per second. TON is designed to compete with Ethereum smart contracts and decentralized applications, while being extremely scalable.
Gram is TON's own service token and is indicated by the triangular TON symbol. It will serve as the principal cryptocurrency for the in-app economy on Telegram and will also be available for external use.
Some Of The Best Features
The system is confidential, the same as Telegram, it has advanced protection against hacker attacks.
TON brings speed and scalability to a multi-blockchain architecture that allows to process several millions of transactions per second.
The complete anonymity of the client base and the absence of a public transaction history exclude any extraneous interference.
3876785 Signed Smart-Contracts
Currency has never been so fast
TON is faster than Bitcoin and Ethereum blockchains and can even outperform Visa and Mastercard in transaction speed – we talk about more than a million transactions per second.
The chain of records of all operations will not be stored on the computers of all users, it will be divided between Telegram users.
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Our site is free and does not require any investment. You help our project to develop by using it.
A New York judge has ruled that his preliminary injunction prevents Telegram from distributing tokens to investors based outside of the United States.
- Samuel Haig
Former NASDAQ warns the TON Community against launching Telegram’s blockchain network until the Court of Appeals has its say.
- Michael Kapilkov
Telegram’s GRAM token passes the Howey test and is subject to regulation, says the SEC.
- Dylan Love
Heiko Closhen, Entrepreneur