Sec Openly Insulted Telegram!
The United States Securities and Exchange Commission (SEC) issued a new statement on the sale of Gram tokens launched by Telegram.
In the investigation filed with the New York District Court, the SEC was quick to respond to Telegram’s summary judgment motion. The SEC used humiliating expressions for Telegram Open Network (TON) and cryptocurrency Gram (GRM).
In the document released last Tuesday, there is a statement saying “There is no clear information about the date when Telegram will launch Telegram Open Network (TON) Blockchain.” In addition, the document states that “Telegram shares very little information about TON and Gram (GRM), users do not know what kind of asset they invest in.”
Issues between Telegram and the SEC
The giant messaging application launched its first supply (ICO) in 2018. With this supply, Telegram received two private investments, with a total fund of $ 1.7 billion.
The SEC then launched an investigation into Telegram’s cryptocurrency initiative. It was alleged that Telegram did not make any application to the commission for ICO and Gram (GRM) token.
The SEC worries about Telegram’s token
In the documents of the last hearing, Telegram explained the usage areas of Gram (GRM) token. However, in the published document, it is stated that the use of Grams is not obligatory for the application.
In addition, Telegram presented a graph to the court describing Gram usage processes and applications etc. However, the SEC pointed out that some points were concerning in the chart.
In response to Telegram, in the file of the SEC, “Is it possible to prove the validity of the development process and the applications the Gram will be used in? There is no sound evidence of how the applications specified by Telegram’s list work, what their status is.“
The document submitted to the SEC court has numerous questions about the use of Gram tokens and how Telegram is linked to this token. No answer has been given by Telegram for the questions the SEC has asked so far.
Over the past years, the SEC has suppressed many ICO programs related to blockchain and cryptocurrencies, and it seems to have taken on the role of being the police of the cryptocurrency industry. We’ll see what kind of developments will occur between the SEC and Telegram in coming days.
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