SEC: Telegram's Gram Token Is Worse than Donuts

According to Cointelegraph, on January 27, the U.S. Securities and Exchange Commission (SEC) intensified its allegations against Telegram, saying that its Gram token is less valuable than a donut. The SEC stated in a memorandum to the Southern District Court of New York: "Telegram provides and sells" Gram "in the form of securities and promises to provide these securities in exchange for funds under a takeover agreement. If the court allows Telegram to be issued as a broad public offering The fact that a portion of Gram is being delivered to first-time buyers will not change, which violates Article 5, and the court should prohibit it. "