Unfortunately, the case and the launch of the Telegram token sale of Gram, as well as the TON infrastructure, continues to have problems and doesn’t cease to make headlines.
A few hours ago, in fact, the New York District Court released a document highlighting the whole process that involved the issuance of Grams starting from the first token sale of 2.9 billion tokens to 175 buyers for 1.7 billion dollars.
With regard to this, the SEC had asked for the financial data relating to the ICO (Initial Coin Offering), but Telegram refused to disclose them.
In any case, these are significant figures, which the buyers have invested precisely with the intention of releasing them within the public market, but this will not happen.
For the Court, in fact, Gram has not respected the parameters of the SEC on securities:
“The Court finds that the SEC has shown a substantial likelihood of success in proving that the contracts and understandings at issue, including the sale of 2.9 billion Grams to 175 purchasers in exchange for $1.7 billion, are part of a larger scheme to distribute those Grams into a secondary public market, which would be supported by Telegram’s ongoing efforts.Considering the economic realities under the Howey test, the Court finds that, in the context of that scheme, the resale of Grams into the secondary public market would be an integral part of the sale of securities without a required registration statement.”
This basically means that buyers of the token cannot resell it.
Although this preliminary injunction does not put an end to the matter, it nevertheless entails a detailed outline of how the process will be dealt with in the light of these new elements.
All that remains now is to wait for Telegram’s next move to see how they will react to this new motion.