Telegram’s distribution of Gram tokens has been stopped. The verdict was passed by a federal judge in New York. In the decision, Gram tokens will not be distributed inside or outside the United States. This is a major disadvantage for one of the upcoming social networks, Telegram
While answering a request submitted by a telegram, U.S. District Judge P. Kevin Castel ruled that the messaging service provider’s platform will not distribute the tokens to those who participated in the Initial Coin Offering (ICO) in 2018 inside and outside the U.S.
Big blow for the distribution of the Gram tokens
According to the Telegram roadmap, the token issue was scheduled for October 2019. However, this should never be like that The US Securities and Exchange Commission (SEC) went to court and filed a lawsuit against Telegram.
Despite the court ruling, the TON telegram community remains optimistic that token issuance can continue. According to a representative of the Telegram blockchain, Fedor Skuratov, TON is an open source solution provider and completely decentralized and no one can stop its adoption.
Court doubts the promise to distribute Gram tokens
Federal court does not appear to trust Telegram regarding the promise not to issue Gram tokens in the US. In its ruling, the court argues that the token issuer has failed to demonstrate that it has taken its security precautions under the 2018 Gram purchase agreement.
According to the court, doubts remain that the company will not protect US investors. For its part, the SEC claims the ICO was illegal.
Given the current uncertainty, it remains to be seen whether the distribution of the Gram tokens will continue. It remains to be seen whether the grief distribution will continue or whether investors will opt for a refund.
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