June 5, 2023

Pavel Durov: Gram is not a security, but a digital currency

Telegram founder Pavel Durov during an interrogation held on January 7-8 in Dubai, told a lawyer of the Commission on Valuable US Securities and Exchange Commission (SEC) that the Gram token is a digital currency, not a security. It is reported by The Bell.

Document 81-12 by ForkLog on Scribd

Durov explained that a large number of investorsTokensale was required to ensure the stable operation of the Telegram Open Network blockchain platform. According to him, for smooth operation, the network needs at least two dozen validators.

ForkLog previously reported new data,submitted by the SEC in the TON case. The document provides evidence that the issue of the Gram token and its offer to investors were consistent with the practice of issuing securities, and even company employees called the token a security in official correspondence.

Until February 26, the Telegram team is obliged to provide SEC with information on banking transactions related to the TON project.