So the SEC just filed some more docs in NY. They’re claiming GRAM tokens are definitely a security. They even mentioned a Telegram staffer saying an investor had rights to millions of them. This is getting complicated for Telegram, curious how they’ll counter this.
This case is huge, not just for Telegram but for crypto as a whole. If the court rules GRAM is a security, it could set a precedent for future rulings on token classifications. I think Telegram needs to bring their A-game to convince the court otherwise, but I wouldn't be shocked if they end up with a middle-ground settlement.
I feel like the evidence is pretty solid for classifying GRAM as a security. They’ve used phrases like ‘sell gram,’ which raises red flags. Even if they submit bank records, I doubt they’ll show everything the SEC needs.
It’s a tough spot for Telegram. SEC knows what they define as security, and it looks like Telegram messed up. They might have to either fight it in court or just admit their mistakes. The SEC has a strong case here, I can’t see Telegram dodging this.
If SEC keeps insisting GRAM’s securities but Telegram claims they’re utility tokens, then what? Sounds like a contradiction to me. If that’s true, how did they even list it on major exchanges? Seems like they’re playing with fire.
Exactly. Even if they launch GRAM on the TON network, I don’t see any payment features in the app. That makes me think it’s just a security, not a crypto for payments. I also wonder if GRAM has any other utility, like dividends, but I haven’t seen anything on that.
This court case is where it gets real. Both sides have to present their arguments, and it’s tense. Telegram's under pressure to clear their name, and it doesn’t look good for them right now.
^^ No surprise there, Telegram’s not gonna win this one. They thought they could slide through, but that's not happening. Just because they’re not in the US doesn’t mean SEC won’t go after them for offering it to US investors, looks like they flunked the Howey Test.
Right? Any Telegram user will tell you, GRAM isn’t a payment method in the app at all. If they bring in some users for testimony, it’ll become obvious. They even admitted selling GRAM to fund Telegram’s operations, nothing about it being a payment method.
Reading the court docs, I’m not sure they’ll ever get to launch anything if they’re stuck with this security label. Seems like they went about it all wrong from the start.
They have to refund investors or else face lawsuits themselves. They kinda look bad now, deceiving US investors about GRAM being a security. The ball is definitely in their court.
I’m sure they’ve spent a lot of that raised cash already. Anyone know if they kept the funds in crypto or swapped it all for fiat? I keep seeing different amounts.
They definitely used some of it since the GRAM sale was a while back, but I don't think they’ve blown through that entire billion just yet. But yeah, those investors really shouldn’t act surprised about being called securities. Basic knowledge.
They probably used a chunk of it, but I doubt they’re completely out of the funds. It’s been a while since they raised all that cash, and with Durov’s billionaire status, I think they can sort out refunds eventually.