U.S. SEC expresses skepticism over development status of Telegram open network

On January 21, the U.S. Securities and Exchange Commission (SEC) downplayed the Telegram Open Network (TON) and Gram (GRM) tokens in a lengthy document filed with the Southern District Court of New York. The document states that Telegram did not provide any evidence regarding the development status of the TON blockchain at the time of publication. The Gram sold by Telegram has almost no intended use. In addition, Telegram has provided a chart that lists the uses, applications, etc. of GRM. The SEC documents said the chart could not distinguish which potential applications have been developed, which are under development, and which are theoretical.