Court for the southern district of new York recognized digital tokens Gram securities and prohibited to transfer them to investors. This is stated in the preliminary decision of the court.
The court granted the petition of the Commission on securities and exchange Commission (SEC) on a preliminary ban of issue of Telegram cryptocurrency. The decision can be appealed.
Judge Kevin Castel found that the existing plan Telegram for the dissemination of Gram — this offer of securities, so the creators of the project were required to register with the SEC, as required by law. According to the judge, the Telegram could not prove that it must be exempt from registration.
The decision is not final, the trial will proceed.
Recall that Telegram is working on a blockchain-TON platform with its own cryptocurrency Gram. To run the platform the company has collected $ 1.7 billion investment. The platform was supposed to start, until 31 October 2019. In October 2019, the Commission on securities and stock exchanges of the USA has imposed a temporary judicial ban on the production and distribution of cryptocurrency Gram. Because of the claims of the Commission, the launch was postponed