SEC Suspension of Telegram’s GRAM Launch Halts Circle Crypto Exchange Plans to List the Token
Telegram’s TON token launch took a wild swing earlier in the month as the Securities Exchange Commission (SEC) classified the crypto as a security. This has led to conversations on the launch of the token –expected to be launched by the end of October – to turn to an early 2020 launch possibility.
Well, new findings show that one cryptocurrency exchange, Circle, was ready for the launch having sent out an application to list GRAM tokens on their exchange days before SEC’s suspension earlier in the month.
Circle sends Asset Listing Form to SEC
According to listing documents sent out to the securities’ authority, Circle had plans to list Telegram’s GRAM token before the agency’s shut down. The Google Forms questionnaire requests for a possible listing by Circle, filed by Poloniex, and submitted by Sergey Vasin, Blackmoon’s Chief Operating Officer – an exchange that earlier announced plans to list GRAMs.
As the largest custodian of GRAM tokens, holding over 50% of the total GRAMs sold during the two initial coin offerings in 2018, Blackmoon COO explained to the SEC the utility function of the token and security and scalability solutions the project will bring to transactions.
Furthermore, on the question of who Telegram’s biggest competitor in the industry is, he answered,
“Other blockchains, including Ethereum (ETH).”
A Failed Quest To List GRAMs
The 400% mark-up sale of GRAM tokens by first-round investors increased the hunger of multiple exchanges to list the token on launch. Vasin namedropped Coinbase exchange as one of the exchanges willing to list the token with several others coming forward including Liquid.io and Blackmoon Crypto, who announced plans to launch the token.
In a subpoena to Telegram, the SEC requested the messaging giant to provide a load of information on the project and its investors to which Telegram claims is a violation of their investors’ data rights. In a non-exhaustive list, the SEC asked for information on the complete list of investors, current status and details of the use funds collected by Telegram during the ICO process and “they will ensure the users actively use the GRAM tokens.”
Despite the recent hiccups and regulatory stumbles, Vasin believes the token is on course to be launched by the end of October.
Earlier in the week, the courts postponed their ruling on whether GRAMs constitutes as a security to earlier February next year.