According to FinanceFeeds reports, the Southern District Court of New York had previously requested the US Commodity Futures Trading Commission (CFTC) to comment on the nature of the Gram token (secure or commodity) in the "SEC sues Telegram" case. The CTFC General Counsel's Office wrote back to the Southern District Court of New York, stating that the agency understands the defendant's defense of Telegram: its planned digital currency Gram is a commodity and not a security, and therefore is not subject to the Securities Act of 1933. Digital currency is a commodity. However, the Commodity Exchange Law provides that many securities required by the securities law can also constitute commodities. Therefore, any given digital asset may or may not be subject to the Securities Act. This does not depend on whether the asset is a commodity or not, but on whether the asset constitutes a "security" as defined by the Securities Act of 1933.