The instant messaging service Telegram has sent a series of documents to a US court asking it to dismiss the US Securities and Exchange Commission's lawsuit against the issuance and distribution of its token.
Telegram assures that Gram, the native token of its blockchain TON, is not a security:
"Gram, which still does not exist, will be a currency and/or a product, but not a security subject to federal securities laws."
Company representatives claim the regulator has not contacted the company to communicate its position. They also ask the SEC to pay compensation.
This news comes after the SEC temporarily banned the issuance and distribution of Gram among investors in October, arguing Telegram's token is a security and that the company violated several US securities laws during its ICO.
iHodl reported back in September Telegram had launched TON's test network. The Telegram team has promised that TON will process transactions faster than bitcoin and ethereum blockchains and that it will be as fast as Visa and Mastercard.
In September it was known that Coinbase plans to add Gram to its platform.
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