Telegram refused to appeal the injunction against the release and distribution of the Gram cryptocurrency. The company withdrew the appeal against the decision of the court of the Southern District of New York at the end of last week.
A temporary ban on the issuance and distribution of tokens was introduced by the court at the initiative of the US Securities and Exchange Commission (SEC) on March 24. The next day, Telegram filed an appeal, which was withdrawn on May 23. According to the documents, the decision was made with the consent of both parties.
In early April, the court imposed a new ban. Telegram lost the right to release Gram even outside the United States. The company tried to appeal this decision, but the court rejected the request.
The SEC believes that the sale of SAFT contracts, the distribution of tokens, and the subsequent sale on the secondary market of Gram tokens would be a single investment contract that violates federal securities laws.
On April 30, Pavel Durov informed investors of the Telegram Open Network that there would be no launch due to a conflict with the US Securities and Exchange Commission (SEC) and the ban of the US court on the distribution of Gram tokens.