US Court Rules in Favor of SEC in Telegram Lawsuit; Holds That “Grams” Digital Assets Promised as Part of Private Offering Constituted Securities

On March 24, a federal court in New York granted a motion by the Securities and Exchange Commission for a preliminary injunction against Telegram Group Inc. and Ton Issuer Inc. precluding the defendants from distributing “Grams” digital tokens to purchasers of investment contracts related to the cryptoasset. The court held that the distribution of Grams to the purchasers “who would resell them into the public market” would constitute the “completion of a public distribution […]

 

 

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