In the latest from U.S. Security and Exchange Commission’s (SEC) ongoing lawsuit against Telegram for its offering of Gram tokens, the commission bashes the messaging service’s blockchain and related token.
In a lengthy filing with the court of the Southern District of New York the SEC responded to Telegram’s earlier motion for summary judgment. In it, the SEC disparaged the Telegram Open Network (TON) — Telegram’s blockchain — as well as the operation’s Gram (GRM) token.
“Telegram Has Put Forth No Evidence Regarding the TON Blockchain’s State of Development at Launch,” the Jan. 21, 2020 document reads, adding, “Telegram Marketed Few, if Any, Expected Uses for Grams.”
Telegram hosted its initial coin offering (ICO) in 2018, running two private investment stages that banked the messaging company $1.7 billion in total funds. Read More...