Telegram Comments on Its Native Crypto, Gram
On the 6th of January 2020, in a blog post, Telegram clarified that its native token, Gram, is not an investment product. Telegram further explained that people should not expect profits by purchasing or holding the token.
On the other hand, the US SEC is in charge of securities in the United States. The SEC recently filed a court application against the platform offering Gram token, assuming that the token is under the commission’s jurisdiction.
Is Gram Designed for Ton Network?
The social network pointed out that Gram got designed for use as a medium of exchange between users in the TON network. This announcement noted that the company is not obligated to sustain the platform or develop any applications for it. Following the TON blockchain launch, Telegram emphasized that it will not have any control over it.
Additionally, Telegram said that the purchase or sales of Grams are impossible currently. In the future, possessing Grams will not mean the possession of a piece of Telegram. The company reiterated its past claims that Grams are going to be a currency or commodity.
The US SEC On Telegram Initial Coin Offering
The SEC thinks that the company violated securities laws by carrying out its $1.7 billion Gram token sales in 2018. The company denies that Grams are securities.
A study reveals that the TON network’s value gets anticipated to incline over $20 billion within five years.