Telegram responded to the Commission’s allegations securities and exchanges United States (SEC), naming the imposed at the end last week urgent restriction on his token sale is illegal. The company asks a federal court to reject the regulator’s claims and states that the Gram token it issued is not securities, and the SEC’s actions “contradict the longstanding precedent of the Supreme Court, the SEC’s own views on other cryptocurrencies and common sense”.
Telegram responded to SEC allegations, calling the restriction of the distribution of Gram illegal
In a response statement, Telegram explains that it “did not offer any securities to the public.” “Telegram entered into private purchase agreements with a limited number of highly qualified buyers (ie, conducted a ‘private placement’), which provided for the future payment of currency (Gram), but only after the completion and launch of the TON blockchain,” the document says. – It is important to note that Telegram has already formalized the private placement as an offer of securities, subject to a corresponding exemption from the registration rules under the 1933 Securities Act. Gram tokens themselves, unlike purchase contracts, can hardly be considered a currency or exchange commodity (which includes gold, silver or sugar), as well as a “security”, with the launch of the TON blockchain ”.
Despite the clear disagreement with the SEC’s position, Telegram is ready to delay the launch of the TON blockchain network and the distribution of tokens while the regulatory contradictions are resolved. In addition to lifting the restriction on the distribution of tokens, Telegram asks the court to reject the SEC’s request for the provision of documents and witnesses, and also to contribute to an early resolution of the situation.
“There is no need for the court to issue a temporary ban that could be misinterpreted by Telegram’s private subscribers and the public in this highly publicized case where Telegram has already voluntarily agreed not to participate in activities that the SEC is trying to restrict,” the company said..
Together with a response statement, Telegram lawyers handed over to the court a copy of the summons sent by the SEC and email correspondence with the regulator.
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