The Strategist

Telegram demands to reject claims against 'Gram' cryptocurrency

11/13/2019 - 09:10

Telegram Group Inc. demanded that the court consider the lawsuit filed against the company by the US Securities and Exchange Commission over the launch of the Telegram Open Network (TON) blockchain platform and the Gram cryptocurrency. This is stated in court materials published on Tuesday.

Microsiervos via flickr
Microsiervos via flickr
The statement reads that the defendant “asks the court to reject the plaintiff’s claim against Telegram completely and without the right to resubmit.” Lawyers for Telegram Group Inc. emphasized that the organization defending it is completely rejecting all the charges.

At the same time, the document once again notes that Gram at the time of launch “will be a currency and/or a commodity”, and not a security, as the American authorities insist. Earlier, representatives of the regulator said that Telegram did not provide convincing arguments refuting the Commission’s allegations that Gram should be considered a security, not a cryptocurrency. The regulator in the lawsuit insists on precisely this point of view and emphasizes that securities law should be applied to the Gram.

Lawyers for Telegram Group Inc. also emphasized that the company had legal grounds for conducting an ICO, as a result of which about $ 1.7 billion was raised. According to them, the funds received from 171 customers were partially used to develop and launch TON.