SEC Against Telegram + A Third Party

The “Chamber” organization filed a petition to the court immediately after the counter-petition of the parties to expedite the proceedings.

The Chamber of Digital Commerce (“Chamber”) is a not-for-profit trade association formed in 2014 to promote the acceptance and use of digital assets and blockchain-based technologies. They represent the interests of about 200 companies that develop blockchain technologies.

Its experts say that there is no legal framework defining concepts related to the blockchain in the United States, and existing laws do not take into consideration the nuances and became outdated decades ago. The Chamber believes that this will lead to severe and not comforting consequences since court decisions that do not take into account the real situation will slow down the pace of development of technologies, in which billions of dollars are invested.

The Chamber’s petition says that they still don’t know whether Gram should be recognized as a security because the court should not accept TON tokens as such only because they are a digital asset and the subject of an investment contract. The Chamber was supposed to be on TON’s side, but as we can see, it ends up supporting the SEC.