Telegram
Voluntarily Halts Token Sale, Argues Against Securities Classification
In a response filed to the U.S.
Securities and Exchange Commission (SEC) on Wednesday, messaging giant
Telegram stated it had agreed to stop selling and delivering its Gram tokens,
and that the regulator’s emergency injunction last week was unwarranted.
Telegram also wrote in the
five-page response that Grams do not constitute a security subject to U.S.
securities laws; “a theory,” Telegram’s defense attorneys wrote, “that runs
counter to long-standing Supreme Court precedent, the SEC’s own views
relating to other cryptocurrencies, and common sense.”
The filing also revealed that
the SEC is continuing to insist Telegram enters into the preliminary
injunction it requested in its filing submitted roughly a week ago.
