Telegram court bans issue of GRAM tokens without SEC permission

The Federal Court of New York recognized GRAM tokens as securities and issued a preliminary ruling to prohibit their distribution without proper registration.

According to the judge, in the current realities, investorsthey would not have paid $ 1.7 billion for digital assets intended only for the storage or transfer of value. Considering that Telegram instead proposed a model in which initial buyers invest in creating infrastructure to maximize the cost of tokens with a view to their further resale in the secondary markets.

Since the SEC's arguments convinced the court that GRAMs are in fact securities, Telegram is obliged to register them with the regulator before distribution. At the same time, the transfer of digital assets to investors until this moment will beIn direct violation of the law.

Although the current ban is temporary, lawyers are inclined to believe that it will eventually result in a permanent injunctionwith doubtful prospects for appeal. The ruling in this case may alsobecome the basis for decision-making in relation to other issuers.

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