Gram coin launch will proceed in a standalone app, thus Instant cloud messaging app Telegram has announced the launch of its coin despite setbacks and legal scuffle with the Securities Exchange Commission (SEC).
Telegram’s TON Wallet application is expected to be made available on a standalone basis. It will, therefore, not be added with the Telegram Messenger service; it continued. Gram coin launch needs thorough looking into.
Telegram further stated the TON Wallet is expected to compete with any other wallet applications designed and offered by third parties. However, Telegram stated it might combine its wallet and messaging app later on if it is legal to do so.
The messaging app company, on the other, has been involved in legal cases of recent alongside the U.S Securities Exchange Commission. The legal battle between Telegram and SEC has been a mess and taken several twists over time.
SEC versus Telegram scuffle
Telegram, reportedly after garnering over a billion dollars through token sales in 2018, was alleged to be illegally conducting the sales. The court case has led to Telegram postponing the launch of its anticipated TON blockchain scheduled for November 2019. It also resulted in the deposition of Telegram founder, Parel Durov, alongside two senior employees to be carried out in January 2020.
SEC also alleged that Telegram’s token, Gram coin qualifies as a security, but the company has failed to register it accordingly.
In another twist, Telegram said Grams is not an investment as opposed to SEC’s position in a public statement. It stressed that Grams should not be associated with expectations for profits based on the purchase or holding the token.
Gram coin launch setbacks
Telegram’s lawyer has also made the same claim in a letter he sent to SEC earlier. The document stated that one should NOT expect profits based on the purchase or holding of Grams, and Telegram makes no promises on profits.
Gram coins are intended to act as a medium of exchange between users in the TON ecosystem. Gram coins are NOT investment products, and there should be NO expectation of future profit or gain from the purchase, sale, or holding of Grams, stated the notice.
Telegram released a statement earlier today about plans to launch the TON as a decentralized project. It explained that the firm would not be obliged to maintain the platform or create any applications for it.
As we go to press, this bit of news
Telegram has reportedly refused to share information with the SEC showing how much it spent of the $1.7 billion raised from investors in the past couple of years and where. In a recent court filing, the securities regulator alleges that Telegram has declined to provide bank records relevant to the case it has been pursuing since last fall.
Practice due diligence in these instances when there are ambiguity and lack of transparency.
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