The Telegram team has posted a public message to address concerns about its TON crypto project amid claims from the Securities and Exchange Commission (SEC) that it will flood the market with unregistered securities.
The company believes the project will improve the “speed, efficiency, and security of everyday commercial transactions globally”, and the blockchain will “create a stable ecosystem and represents a significant improvement upon previous platforms in terms of speed, usability, and scalability”.
“Our emergency action today is intended to prevent Telegram from flooding the US markets with digital tokens that we allege were unlawfully sold,” said Stephanie Avakian, co-director of the SEC’s division of enforcement.
Telegram has now openly responded to the claims in an attempt to address any concerns, writing: “In light of recent events, we wanted to take the time to publicly clarify certain aspects of the TON Blockchain and Grams as we continue to prepare for a successful launch of the project.”
The company notes that following its pre-sale, while numerous scammers are offering Grams, they don’t actually exist yet.
“Nobody can buy or sell them before we announce the launch of the TON blockchain. Don’t get scammed,” the firm writes.
It also states nobody should expect profits based on their purchase or holding of Grams tokens, and it makes no promises that people will do so.
“Grams are intended to act as a medium of exchange between users in the TON ecosystem. Grams are not investment products and there should be no expectation of future profit or gain.”
- Any equity or other ownership interest in Telegram or its affiliates
- Any rights to dividends or other distribution rights from Telegram or its affiliates
- Any governance rights in Telegram or its affiliates
The company also stresses that it will not integrate the TON wallet into the Telegram messaging service – at least not until it receives proper approval under applicable laws and governmental authorities.
Telegram CEO Pavel Durov is set to testify in his deposition for the case on January 7 and 8 in Dubai.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.