Telegram seeks to issue tokens to non-US investors despite recent court ruling

Telegram has reportedly asked a court for more clarity on a recent order that banned the issuance of GRAM tokens to private investors. The messaging platform provider hopes the ban does not apply to non-US investors, which, if cleared, would allow Telegram to issue about 75% of the tokens sold during its 2018 ICOs on the condition these investors do not resell GRAMs in the US. The request comes less than a week after a federal judge ordered Telegram to refrain from launching the TON network and distributing GRAMs, a decision that Telegram is appealing, on their expected release date next month (Apr. 30).

Why it matters:

• If the order does not prevent the distribution of GRAMs to non-U.S. investors, Telegram would be able to launch its platform by the contractually obligated deadline. Otherwise, TON's launch is in jeopardy, and investors may have the option to reclaim their initial investments.
• Meanwhile, a group of TON developers, collectively called the TON Community Foundation, could seek to unite some GRAM investors and launch the TON blockchain without Telegram's participation, according to a report from CoinDesk. The initiative "underscores the limits of government powers to regulate open-source technology." Other developer groups can make the project their own once the code is in the public domain.