Telegram Denied: Court Sides With SEC, Grants Injunction Against Issuing GRAMs
A United States District Court has granted an injunction against Telegram, preventing the company from issuing its GRAM tokens at the present time. Court says that GRAMS are securities under Howey test. Telegram had held that since it filed a Form D 506(c) Notice of Exempt Offering of Securities prior to the first round of its offering, it was authorized to sell tokens to accredited investors. However, the Court noted in granting the injunction that since Telegram intended for the Gram tokens to reach the secondary market, disqualifying them from exemption. Concluding that the court must stop the delivery of GRAM tokens.
The CFTC Just Defined What ‘Actual Delivery’ of Crypto Should Look Like
The U.S. Commodity Futures Trading Commission (CFTC) published its final guidance on "actual delivery for digital assets" Tuesday, seemingly settling a longstanding question on when a cryptocurrency can be "delivered" from one party to another.The CFTC shared a 35-page document stating that in its view, "actual delivery" occurs when a customer has complete control over the asset and the offeror no longer has any control over the asset by the end of 28 days after the transaction. The publication comes following several years of public input from exchanges and other stakeholders.