The Securities and Exchange Commission (SEC) in the U.S. has filed a lawsuit against Telegram last month for organizing an illegal ICO (first digital money supply). The SEC’s claim was that Telegram’s token Gram was a security and Telegram sold this token without consulting the SEC.
A federal court in New York justified the SEC in this case between the SEC and Telegram in recent weeks. The court, however, banned Telegram from distributing Gram tokens that it sold during the ICO process.
Telegram contacted the court after this decision and asked exactly which countries this decision covers. Telegram hoped that the court’s decision would only cover the United States because the company could thus easily distribute Grams to countries outside the U.S.
New York District Judge P. Kevin Castel answered Telegram’s question the other day and hit another blow on Telegram. In line with this decision, Telegram will not be able to distribute not only in the USA but in any country.
Can Open Anyway
Despite this decision from the court, the Telegram team can open Telegram Open Network (TON).
Telegram spokesman Fedor Skuratov spoke to CoinTelegraph recently and said, “They are already ready for such a scenario”. According to his statements, Telegram’s TON project will be a “decentralized, open source” platform and no institution or person will be able to prevent this platform from opening.