Telegram lawyers intend to challenge the court decision to ban Gram tokens

Telegram intends to challenge the decision of the Federal Court of New York, which decided to temporarily blockGram token distribution. However, experts are not sure of a successful outcome.

Telegram lawyers filed an appeal to the Court of AppealUS Second Circuit Court to overturn the decision of Judge Kevin Castel, who supported the position of the US Securities and Exchange Commission (SEC). Castel found that, under the Howey test, resale of Gram tokens on the secondary market would constitute an unregistered sale of securities, which would violate securities laws. The judge granted the SEC's request for an injunction against these tokens.

Despite the fact that Telegram intends to continuefight with the Commission and continue to defend its position, some experts believe that the company’s chances are small. For example, attorney Seward & Kissel and former SEC official Philip Moustakis said Telegram's lawyers would have a daunting task proving that the district court erred in its interpretation of the law or the facts presented.

Considering that at the beginning of the year, Telegram lawyersunsuccessfully asked the court to reject the SEC's request to provide information about the use of funds raised by the TON project as part of the ICO, then the court's decision will not be easy to reject. Even the non-profit organization TON Community Foundation, created to protect Telegram in proceedings with the SEC, is unable to help. However, Telegram management decided not to miss the opportunity to file an appeal in order to ultimately continue the implementation of their project and launch the TON platform.

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