The U.S. Securities and Exchange Commission (SEC) has opposed Telegram's request for clarity regarding the geographical scope of the Gram token injunction.
In a letter to New York Federal Judge Kevin Castell on March 30, the SEC states that the injunction "applies unequivocally to the delivery of Telegram tokens to "any person or entity" […] and does not require explanation.
As a reminder, last week Judge Kevin Castel supported the U.S. Securities and Exchange Commission's position and blocked the distribution of Telegram Open Network's Gram tokens.
After that, 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. The lawyers noted that 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.
In its letter, the SEC describes Telegram's request as "procedurally prohibited and void," referring to its request for an injunction to prevent Telegram from "supplying tokens to any person or entity or taking any other steps to implement any unregistered offer or sale of Gram.
Although Telegram's letter was "framed as a request for "clarification," the SEC states that "Telegram's request — this is a disguised move to arrange for a review of the decision.
Shortly after the court's decision, representatives of the TON Community Foundation said the U.S. court could ban Telegram from running its blockcheck, but could not prevent others from doing so. The group includes more than 20 developers and investors, who are now discussing possible ways to launch the platform without Telegram's participation. However, TON investors are unlikely to be satisfied with the launch of the blockcheck by the community.
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