Southern District Federal Court of New York forbade transfer digital Gram tokens to investors. This internal cryptocurrency is a blockchain project of Telegram founder Pavel Durov (Telegram Open Network – TON).
The court sided with the US Securities and Markets Commission (SEC) and decided that Grams are securities.
Telegram through the ICO (initial token offering) raised $ 1.7 billion in the project. However, the company did not pre-register Gram. The SEC felt that thereby violating the US Securities Act.
The court upheld this opinion: a preliminary decision indicated that the first TON investors expected to earn by reselling tokens in the secondary market.
Telegram is trying to challenge the decision. The company decided not to launch the TON platform yet and not distribute the Gram. The project is postponed to April.