Telegram plans to demand money back by decision of the Gram cryptocurrency court

Telegram will not have time to launch its Gram cryptocurrency and investors will demand their money back, Kommersant experts say. Earlier, the Federal Court of the Southern District of New York sided with the US Securities and Exchange Commission (SEC), recognizing Gram as a security and prohibiting its issuance and transfer to investors.

At the same time, it became known that Telegram from 2018 to 2020 spent $ 405 million on the development of the messenger and blockchain platform, which is about 24% of the funds raised. According to Aleksey Kiriyenko, CEO of Exante, one of the Telegram Open Network investors, the company's lawyers have virtually no chance and will have to return the money spent. At the same time, he believes that the founder of Telegram Pavel Durov will try to find new ways to launch cryptocurrency.

The Securities and Exchange Commission suspended the issuance of Gram digital tokens in October 2019. The SEC claims that they should be considered securities and the relevant US law should be applied to them. In Telegram, the Commission’s position is considered absurd. The SEC accused Durov of selling Telegram and TON from January to March 2018 to 2.9 billion digital tokens to 171 customers around the world, including over 1 billion tokens to 39 U.S. residents. This allowed us to gain $ 1.7 billion, including $ 424.5 million in the US market.

On March 24, the Southern District of the Federal District Court of New York accepted the SEC's claims by declaring the Gram tokens a security. In this case, transferring them to customers on a pre-IPO, which took place at the beginning of 2018, is recognized as illegal. The Commission itself considered the court’s decision to be fair, noting that the SEC’s emergency actions were primarily aimed at preventing flooding in the US markets with digital tokens that were sold in violation of the law, said the co-director of the Decision Enforcement Division of the Securities and Exchange Commission Stephanie Avakyan.

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