Telegram Stresses That Grams Are Not For Investment

Gram, a cryptocurrency designed for Telegram’s Open Network (TON) should not be regarded as an investment product, Telegram stressed in a new blog post from January 6.

Users should not expect any gain from buying or holding Grams, the firm says. This expectation turns a product into a security.

In the United States securities are overseen by the Securities Exchange Commission (SEC), and its investigation of Telegram’s Gram allows us to assume that the currency is within their remit. However, Telegram states that Grams ”are intended to act as a medium of exchange between users in the TON ecosystem”.

Their public notice clearly states that ”Grams are NOT investment products and there should be NO expectation of future profit or gain from the purchase, sale or holding of Grams.”

TON will be decentralized, Telegram promises

The blog post also revealed Telegram’s vague plans to make TON decentralized. They state that company will not be obligated to maintain the network or develop apps and features for it.

”Telegram won‘t be able to control the blockchain and the ecosystem after it launches.” the company notes.

In addition, Telegram warned users against scammers offering Grams, saying that the currency is not available for purchase. Addressing earlier claims about Grams being just a currency or some kind of commodity, the company stresses, that holders of the tokens do not acquire any special rights.

Notice appears on the background of waiting for court decisions on the SEC’s legal fight with

Telegram

Few days ago Telegram’s lawyers requested the U.S court to reject the SEC demand to disclose the details on how the company spent $1.7 billion raised in the ICO in 2018. Recently CryptoTheNews noted that Telegram described the SEC’s attempts as an ”unfounded fishing expedition”.

The new request is another maneuver in the war waged by the regulator against Telegram which started in October 2019, several weeks before the scheduled launch of TON. As the SEC thinks that Telegram violated its security regulations raising $1.7 billion in token sale, the company stresses that Grams are not securities.

A study suggests that in five years the value of TON will increase to over $20 billion.