Court's decision on Gram closed Telegram's access to the US investment market
The District Court of New York this week ordered Telegram to pay US$1.2 billion to the buyers of Gram cryptosoftware, as well as US$18.5 million in compensation. In 2019, investors poured about US$1.7 billion in Gram.
Many TON investors intend to challenge the incomplete refund of Telegram in court.
Shostak adds that the regulator has never given signals it will react any different to new technologies and cryptocurrencies.
According to him, this prolonged polemic with the U.S. authorities has been an unsuccessful tactic from the very beginning.
Now the U.S. regulator has received a precedent for applying the rules to digital assets, which it will "roll" on others, summed up Shostak.
In early 2018, Telegram announced the development of a blockchain platform Telegram Open Network (TON) with its own cryptocurrency Gram. For two closed investment rounds in February and March 2019 the tech firm attracted US$1.7 billion from about 200 investors. But in October, the U.S. Securities and Markets Commission (SEC) announced that it had filed a lawsuit against Telegram. In its opinion, the company failed to properly register the placement of the cryptocurrency, thus violating the Securities Act.