Telegram asks the court to clarify the effect of the Gram token ban on US non-residents

   Telegram lawyers asked the court to clarify whether the ban on distribution of Gram tokens to investors from other countries that are not covered by the U.S. securities laws.

Last week, New York federal judge Kevin Castel temporarily blocked the issue and distribution of Gram tokens, so Telegram messenger intends to challenge this decision. The company intends to clarify which specific actions with regard to tokens are prohibited and which are allowed, as Telegram is preparing to launch the TON platform, and investors still hope to get their tokens.

In a letter to Castel, Telegram's lawyer Alexander Drilevsky asked him to specify whether this temporary ban applies only to American residents or all TON investors. According to court documents, during the ICO held in 2018, only a quarter of the collected amount ($424.5 million out of $1.7 billion) was received from American investors.

Drilevsky pointed out that the U.S. securities laws apply only to transactions with securities listed on U.S. exchanges, as well as transactions with other securities in the country. However, TON investors include residents of other countries that are not subject to U.S. securities laws, and Telegram has irrevocable obligations to them.

According to Drilevsky, the company is ready to make concessions and "isolate" itself from U.S. investors while performing its duties to residents of other countries. At the request of the court, Telegram will take necessary measures to prevent further resale of Gram tokens to American traders. All investors (except American ones) will be able to receive their tokens only if they undertake not to resell them to US residents. The developers are ready to change the settings of TON digital wallet, excluding the possibility of creating addresses in the U.S..

We would like to remind you that the TON Community Foundation is discussing possible ways to launch the platform without the participation of Telegram, taking into account that the code required for launching is already in the public domain. The organization only needs to create a startup block and run the required number of validator nodes.