Recently, several promising cryptocurrency projects have been postponed due to their uncertain legal status. Thus, Facebook delayed the launch of its cryptocurrency Libra, and later the Telegram Group Inc. joined in with a similar statement. Telegram’s management agreed to hold on with the launching of the TON blockchain platform and distributing its token Gram until “all regulatory issues are resolved”. According to the sources close to the Telegram team, the messenger will not “offer, sell or transfer their Gram cryptocurrency for at least five months.” After this period, the company will notify the US Securities and Exchange Commission (SEC) no later than 30 days before resuming these transactions. Prior to this, the Court of the Southern District of New York had issued a preliminary decision regarding the Telegram’s token Gram. However, the company’s lawyers believe the SEC restrictions were unwarranted. Earlier, the SEC managed to obtain a temporary restraining order for Telegram’s token. Supporting it claims, the American regulator explained that Telegram should have filed special registration applications before the initial coin offering since Gram in considered to be a security asset. In this application, the company was supposed to disclose all information about the project as well as its possible risks. According to the SEC, Telegram failed to register its crypto coin and therefore violated the US legislation.
