The court has granted the Securities and Exchange Commission's injunction against Telegram's issue of its GRAM token.
Telegram was already in the process of investing on 2.9 billion GRAMs to 175 purchasers in exchange for $1.7 billion. The investors would then distribute the tokens to a secondary market. The SEC sees this as sale of unregistered securities.
The court's upholding of the injunction may have set a precedent that affects other potential ICO's (initial coin offerings) that follow this model of launch.
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