Telegram Tries to ‘Clarify’ Gram Crypto Project Amid Ongoing SEC Fight

Telegram will not integrate a crypto wallet into its messaging app, at least until it gets the green light from U.S. regulators, the company said Monday on its official website. The announcement comes ahead of Telegram’s CEO deposition in Dubai on Tuesday. 

The post, which appears to be the first official notice addressing the TON blockchain project, is signed by “The Telegram Team” and describes the relationship between Telegram and TON.

“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 post reads, apparently referring to the lawsuit the U.S. Securities and Exchange Commission (the SEC) brought against Telegram in October. 

The statement purports to detail Telegram’s dedication to legal compliance, even as the company fights the SEC on claims that it intended to flood U.S. capital markets with unregistered securities.

“Grams are NOT investment products and there should be NO expectation of future profit or gain from the purchase, sale or holding of Grams,” the notice reads, adding that the tokens don’t represent equity in Telegram, dividend rights or governance rights in Telegram “and its affiliates,” although it’s not specified what entities are meant by this term. 

“Grams won’t help you get rich,” the post says. 

More significantly, Telegram changed its plans to make grams readily available to all Telegram users. According to the new notice, the wallet for the tokens will only be available as a stand-alone app, which has been recently released in beta.  

In October, Telegram published its Terms of Service for the wallet, saying Gram Wallet would be integrated into the messenger in addition to the standalone product at the time.

“Telegram may integrate the TON Wallet application with the Telegram Messenger service in the future to the extent permitted under applicable laws and governmental…

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