Telegram spent ICO to pay servers, believes sec

The US Securities and Exchange Commission (SEC) stated that Telegram began selling tokens in 2018 due to the shortage of working capital for the payment of servers.

During the trial, the regulator presented a document in which the CEO of Pavel Durov did not want to sell shares by passing the share of capital to venture capital investors, sell advertising or charge with a messenger users in order not to disappoint customers. Alternatively, he decided to release GRAM cryptocurrency.

SEC also reported that in conversations with potential buyers of tokens, Telegram representatives operated on traditional capital market terms to explain the product. By adding that the investors themselves also considered them as securities, since it was not purchased for use in the Ton blockchain, and for profit in the future.

Although the company did not file the appropriate application to the regulator before selling sales, but from February 6, 2018 began to hold presentations and actively cooperate, not counting his tokens with securities, since they do not bring dividends and do not provide rights to the share of capital or profits Telegram.

Whatever the initial stimulus, after collecting funds, the project team ultimately developed the TON network and

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