As Telegram’s legal battle with the United States Securities and Exchange Commission continues to unfold, the U.S. authorities have convinced the judge to bar the company from issuing Gram tokens — at least in the near future.
On March 24, the U.S. District Court for the Southern (NYSE:SO) District of New York judge said that the SEC “has shown a substantial likelihood of success” in proving that Telegram, the firm behind the eponymous open-source encrypted messenger, distributed unregistered securities.” As a result, the federal judge granted a preliminary injunction against the company, preventing it from delivering Gram tokens to investors.