A federal judge denied the request to issue the gram tokens to non-US investors as Telegram wanted.
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In our crypto news below, we see what’s the reason behind the decision.
The US District Judge denied the request by Telegram and wrote that the claims of the platform to issue tokens to investors but ensure these tokens don’t end up in the US, were quite unconvincing and therefore he rejected the request, wanting to clarify the earlier preliminary injunction preventing the issuance of gram tokens.
The order came with the latest developments of the six-month-long court battle between Telegram and the US Securities Exchange Commission which asked the court to stop the launch of the messaging app of the TON blockchain project and prevent Telegram from issuing more tokens to the buyers of the 2018 token sale. With the lack of SEC’s jurisdiction over the Non-US investors, telegram suggested they will implement security measures to protect the investors from reselling Grams to US purchasers in the future. The platform aimed to do that by including a condition that the non-US investors will only receive Grams if they are not going to resell them in the US:
“Focusing upon the Initial Purchasers and their Gram Purchase Agreements misses one of the central points of the Court’s Opinion and Order, specifically, that the ‘security’ was neither the Gram Purchase Agreement nor the Gram but the entire scheme that comprised the Gram Purchase Agreements and the accompanying understandings and undertakings made by Telegram, including the expectation and intention that the Initial Purchasers would distribute Grams into a secondary public market.”
The Judge also didn’t like the proposed measures and wrote that Telegram didn’t explain how this could prevent the secondary sale of the tokens:
“… [F]undamentally, the TON Blockchain was designed and is intended to grant anonymity to those who purchase or sell Grams. Investors “could simply disclaim having a U.S.-based address.’’
The order also pointed out the jurisdiction of the SEC which was not raised by Telegram before. The blockchain attorney Gabriel Shapiro explained that the judge understands the nature of the technology and outlined the importance of Telegram’s underplaying the importance of request for clarity:
“I think it’s clear that Judge Castel agreed fully with the SEC that Telegram’s post-injunction arguments about extraterritoriality are ‘too little, too late. His response to Telegram’s ‘request for clarification’ also displays admirable technological savvy and skepticism, as he recognized that Telegram’s offer to KYC-gate the TON wallet does not fundamentally limit the distribution of GRAMs through other possible wallets built on the open-source TON blockchain protocol.”
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