The lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Telegram dated January 21, 2020 states that the company did not provide at the time of the ICO any evidence as to where the TON blockchain and GRAM cryptocurrency were at the development stage.
In addition, the SEC found several inconsistencies in the documents submitted by Telegram. Thus, it is said that GRAM tokens can be used in certain applications, but it also indicates that this is not a necessity. The diagram in which the applications in which GRAM will be used is also causing questions. On this occasion, the SEC said the following:
“According to the diagram presented by Telegram, it is not clear which applications were developed, which are under development, and which may be developed in the future. The report does not provide accurate evidence regarding the purpose or status of any of the applications listed in the Telegram diagram. ”