The American Stock Exchange Authority threatens Telegram's plans to launch a cryptocurrency in America

Telegram's plans to launch a cryptocurrency and blockchain network could be in jeopardy, as the US Securities and Exchange Commission filed an emergency lawsuit and obtained a temporary restraining order against the company, preventing it from distributing and selling its Gram currency in the country.

According to the American engadget website, according to the organizers, the company sold 2.9 billion Grams at discounted prices to 171 primary buyers worldwide, which raised $ 1.7 billion in the process, while a billion of those codes were purchased by people in the United States.

The U.S. agency says Telegram has not registered the offering at its office, and since it sees Grams as securities, it accuses the company of violating the Securities Act of 1933, but it is unclear how this restriction will affect the launch of the Gram as a whole.

Former lawyer Zachary Fallon revealed that the move could also complicate the company’s ability to sell its digital currency in other countries, but even if that doesn't prevent Telegram from launching outside the United States, it could still cause major problems for the company.

The New York Times reported in August that Telegram had promised investors to hand over Gram by October 31 or return their money, while the US agency emphasized that companies could not avoid federal securities laws just by describing their products as a cryptocurrency or a digital code.