Telegram intends to challenge the decision of the Federal Court of New York, which decided to temporarily block the distribution of Gram tokens. However, experts are not sure about the successful outcome of the case.
Telegram lawyers appealed to the U.S. Second Circuit Court of Appeals to overturn the decision of Judge Kevin Castell, who supported the position of the U.S. Securities and Exchange Commission (SEC). Castell believed that, according to Howie's test, reselling Gram tokens on the secondary market would imply an unregistered sale of securities, which would violate securities laws. The judge granted the SEC's request for an injunction against the tokens.
Despite the fact that Telegram intends to continue to fight with the Commission to further defend its position, some experts believe that the chances of the company are slim. For example, attorney Seward & Kissel and former SEC employee Philip Moustakis said that Telegram lawyers will have to do a tremendous job of proving that the district court made a misinterpretation of the law or the facts presented.
Given that Telegram's lawyers had unsuccessfully asked the court at the beginning of the year to reject the SEC's request for information on the use of the funds raised by the TON project within the ICO, it will be difficult to reject the court's decision. Even the non-profit organization TON Community Foundation, established to defend Telegram in its proceedings with the SEC, cannot help. However, Telegram's management decided not to miss an opportunity to file an appeal in order to eventually continue its project and launch the TON platform.
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