The Court Held that GRAM Should Be Blocked in the USA
The SEC believes that the Telegram Group Inc. and subsidiary TON Issuer Inc. were engaged in the selling of unregistered token GRAM in the United States, violating the U.S. Securities Act of 1933. The case file says that these companies began to raise capital in January 2018. They sold about 2.9 billion GRAM tokens for a total of $1.7 billion. 171 investors took part in the ICO, 39 of them are US citizens. GRAM tokens were not registered as securities in the United States. For this reason, the SEC asks to block GRAM on the evidence of a violation of the laws of the United States of America. “Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold,” said Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement. “We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”