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Telegram has now released a test wallet for its native token called Gram, allowing users to download the application for macOS, Windows and Linux 64 bit on Telegram’s official website. For the wallet’s activation, users will be asked to save 24 seed words and create payment passwords.
The desktop test wallet was released amidst Telegram’s dispute against the Securities and Exchange Commission (SEC), a development that has delayed the official launching of Gram to April 30, 2020. Gram was slated to be pushed out on Oct. 31 but due to the regulatory body placing an emergency action and restraining order on the token’s release, the launching got derailed.
Aside from the test wallet, CoinDesk reported that users can now acquire testnet Grams through the aid of a Telegram bot. The bot can send between five and 20 tokens, with the transactions lasting over a minute although the bot warns it’ll take more time once the system is catering more users.
Telegram to argue its case on court
Meanwhile, Telegram is scheduled to meet with the SEC on Feb. 18 and 19 in New York City to argue its case. The messaging giant told investors that the delay is actually a positive development for the project as it will give it time to prepare its argument in court.
“The February hearings are different from the earlier scheduled for October 24, because at these hearings they should only consider the possible postponement of the launch of the platform. We and our advisers will use the time to ensure that at the February hearing, the Telegram position is presented and supported as much as possible,” Telegram told investors.
SEC labels Gram as security
The dispute between both parties stems from the SEC labeling Gram as security. And since it sold Gram to accredited and sophisticated investors without following the restrictions imposed on this particular asset class, Telegram has violated federal securities law.
Meanwhile, the investors themselves have agreed to postpone the token’s issuance and opted out of their options to refund their initial investment. The next thing to watch out for is how Telegram will defend itself from the SEC’s accusation and whether or not Gram will indeed be valued as security permanently.
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