The United States Commodity Futures Trading Commission has recently weighed in on the Security and Exchange Commission’s ongoing legal battle with Telegram by filing a letter that contained its views on the case. According to the submitted document, the CFTC’s Office of General Counsel believes that all digital currencies are commodities, thus implying that Telegram’s Gram token is not a security and therefore not subject to registration under the Securities Act of 1933.
With that being said, the CFTC did concede that the Commodity Exchange Act does afford certain securities with the status of being commodities — to which security laws also apply. Regarding the Telegram case, the regulatory body refrained from passing any specific comments or judgments, stating that it had no particular views on the matter.
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