Telegram's Gram, the native cryptocurrency for the Telegram Open Network (TON), is not an investment product, the house stressed in a fresh public argument.

In a Jan. 6 weblog post, Telegram emphasized that Grams should not be associated with expectations for profits based on buy or holding of the token. Such an expectation usually defines a security.

In the United States, the Securities Exchange Committee (SEC) governs the sale of securities, and their recent actions against Telegram'due south offering of its Gram token assume that Grams fall within the commission'due south purview. Grams are instead designed to serve as a "medium of exchange" between users in the TON network, the business firm elaborated. Telegram wrote:

"You should NOT expect whatsoever profits based on your purchase or holding of Grams, and Telegram makes no promises that you will make whatever profits. Grams are intended to human action equally a medium of exchange betwixt users in the TON ecosystem. Grams are Not investment products and at that place should be NO expectation of future profit or gain from the buy, sale or belongings of Grams."

Telegram promises that the TON network will be decentralized

As part of the annunciation, Telegram pointed out its ambiguous plans to launch the TON as a decentralized project, noting that the house will non be obligated to maintain the platform or create whatsoever applications for it. The firm one time once again emphasized that Telegram will have no control over the TON blockchain in one case it is launched.

Additionally, Telegram antiseptic that no i tin purchase or sell grams at the moment. The visitor added that holding grams in the futurity will not mean owning a piece of Telegram. Reiterating previous claims that grams will just be a currency or article, Telegram said:

"Grams don't give their holders whatever special rights, just like owning Euros doesn't requite y'all shares in the European union."

Notice comes amid a pending court conclusion on new arguments with the SEC

The statement comes a few days after Telegram's lawyers requested a Us court to reject a demand by the SEC to reveal the details of how the firm spent $i.7 billion raised in its initial coin offering in 2022. As reported by Cointelegraph, Telegram argued that the SEC'southward asking was nothing but an "unfounded angling expedition."

The new request past the SEC is part of the regulator's emergency activity against Telegram brought up in October 2022, a few weeks before the planned launch of the TON. While the SEC believes that Telegram violated securities laws by conducting its $ane.vii billion Gram token auction in 2022, Telegram denies that Grams are securities.

Co-ordinate to a study, the TON network'due south value is expected to surpass $20 billion over five years.