The SEC today sued to stop Telegram, Inc. and Ton Issuer, Inc. from continuing what a lawsuit describes as an “ongoing illegal offering of digital-asset securities called Grams.”Per the SEC: Telegram has “committed to flood the U.S. capital markets with billions of Grams by October 31.”Telegram raised $1.7 billion from 171 initial purchasers using a SAFTAccording to at least one Telegram investor, the company thought they would be able to avoid the SEC
This lawsuit was filed on the same day as a joint policy statement on AML and anti-terrorism reporting and compliance requirements for the digital asset industry under the Bank Secrecy Act Temporary Restraining Order The SEC today announced a suit to stop Telegram, Inc. and Ton Issuer, Inc. from continuing what a lawsuit describes as an "ongoing illegal offering of digital-asset securities called Grams." Grams were to be the native token for use on the Telegram blockchain, but (as discussed below) the SEC says they don't have any utility at all, never did, and are securities subject to the registration requirements of U.S. securities laws. This has the potential to be a significant speed bump for what was among the largest and most coveted token sales of the ICO age.
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