Telegram, which has been suffering a setback in its plan to launch a Gram token following legal action by the U.S. Securities and Exchange Commission, stressed to investors that Gram is different from stock investment.
The company said in a statement released the previous day that “Gram tokens are part of the company’s equity. And cannot accumulate wealth through the possession of the tokens. Unlike shares that promise financial gains or dividends to investors.”
In addition, the statement said, “You must not expect any profit from the purchase or retention of grams, and Telegram promises no benefit. Gram is not an investment product as it has the nature to act as an exchange medium between users in the TON ecosystem. And it cannot expect future benefits from the purchase, sale or possession of the gram,” he explained.
Telegram and SEC dispute over the Gram
Telegram is at odds with the U.S. Securities and Exchange Commission (SEC) for a $1.7 billion token sale. The U.S. regulator said it did not register sales and token disclosure procedures with authorities. Despite the Gram token being classified as securities. And implemented emergency measures against Telegram in October last year, weeks ahead of the TON.
In response, Telegram receives fine by a local court on charges of selling unregistered securities. Telegram cannot sell or provide “gram” to investors until it is clear at a hearing in February or until the court rules on the matter, the court said.
In the end, Telegram received investor consent to delay the release of the gram until the end of April. The SEC and Telegram will meet on February 18 and 29 to discuss the eligibility of TONs. Telegram has recently reportedly rejected SEC’s demand for disclosure of information on procurement funds.
While being problematic, Telegram TON token has received many interest from investors.
