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Encrypted messaging platform Telegram has issued a public statement on the TON Blockchain and gram tokens.
The statement came after the company asked a court to reject the SEC’s request in which the regulator is seeking to compel Telegram to disclose its bank records.
The tussle between the SEC and Telegram started in October, when the regulator obtained an emergency restraining order against Telegram Group and its subsidiary TON Issuer Inc. alleging that the companies conducted an “unregistered, ongoing digital token offering” in the U.S. and overseas in which they raised over $1.7 billion.
“In light of recent events, we wanted to take the time to publicly clarify certain aspects of the TON Blockchain and Grams as we continue to prepare for a successful launch of the project,” Telegram said in its public notice.
Grams don’t exist yet
First off, the company clarified that any website claiming to be offering Grams to the public are not affiliated with it. Grams will be created and available to purchase only when the TON Blockchain launches. It said that the TON Blockchain on which Grams will function is still in a Beta Test phase. The launch date of the TON Blockchain has been postponed to April 2020.
“Grams are intended to act as a medium of exchange between users in the TON ecosystem. Grams are NOT investment products and there should be NO expectation of future profit or gain from the purchase, sale or holding of Grams,” it said.
While the SEC has been insisting that Telegram violated federal securities laws by conducting Gram token sale, Telegram has maintained that Grams are not securities.
On these lines, the company further stressed that Grams do not represent:
- “Any equity or other ownership interest in Telegram or its affiliates
- Any rights to dividends or other distribution rights from Telegram or its affiliates
- Any governance rights in Telegram or its affiliates.”
TON Blockchain
Telegram explained that the TON Blockchain will be “a decentralized platform for everyone.” It added:
“The code for the TON Blockchain will always be open source and publicly viewable. Once it is launched, Telegram will occupy the same position as any other party with respect to the TON Blockchain and will not have any control over, any unique rights within, or any responsibility for the management of, the TON Blockchain.”
Meanwhile, the deposition of Telegram CEO Pavel Durov is scheduled to commence on Tuesday. Last month, the SEC asked the U.S. court to send a Letter of Request to the Senior Master of the High Court to acquire a deposition from a U.K. citizen, John Hyman, the former chief investment advisor of Telegram.
