July 21, 2024

CFTC Opinions SEC Vs Telegram

CFTC Opinions SEC Vs Telegram

The New York court invites the Commodity Futures Trading Commission (CFTC) to express its position inproceedings against Telegram.

Judicial ProceedingsThe U.S. Securities and Exchange Commission (SEC) v Telegram continues with the New York Southern District Court. In the new process on February 18, another regulator should participate.

Judge P. Kevin Castel signed a decree requesting the CFTC to express its official position on the case.

The order does not indicate which problemsrequire CFTC intervention. However, it can be assumed that the question of whether Gram is a security is one of the issues that need attention from the CFTC. This issue was at the heart of the SEC's petition for a trial against the accused. The regulator accuses Telegram of unregistered sale of digital Gram tokens as securities for future profit by investors.

Telegram denies this classification of their tokens,claiming that Gram – internal token of the TON network for conducting transactions. These tokens have never been positioned as an investment tool for long-term investments and their value depends on the launch of the Telegram Open Network and the degree of distribution of the digital asset.

The American human rights group Blockchain Association has already supported Telegram last month.