The crypto world is a very large site, within which multiple trends and complex and sometimes contradictory projects coexist. Whether they are cryptocurrencies that seek to decentralize as Bitcoin, or government virtual currencies such as the Chinese virtual yen, Blockchain technology goes a long way. Including for a rivalry like the one that seemed to be born between Libra and Gram, emulating the one between WhatsApp and Telegram, before an accusation by the SEC opened a trial against Telegram, which the CFTC would now add.
The Telegram Promise
When in the middle of last year, Facebook announced to the world the future launch of its own virtual currency, Libra, the reactions within the crypto community were divided. There is a group that welcomed the Facebook initiative as a step forward for Blockchain technology. While another sector considered it a betrayal of the basic values of block chains.
Within this last group was Telegram. The company behind the famous instant messaging application direct competition of WhatsApp, which is committed to privacy and decentralization in all its projects.
Therefore, the prospect of launching a cryptocurrency by Telegram, the Gram, caused a sensation. Considering itself as the virtual currency called to combat the centralization proposed by Libra for the operation of its currency. However, this idea was stopped short by the legal problems facing Telegram in the United States.
And, a few months ago, the Securities and Exchange Commission (SEC) of the United States began a dispute against Telegram. Accusing the company of having made an asset issue without the proper authorization of the regulatory authorities.
The intervention of the CFTC
Since then, the parties have faced the question of whether Gram should be considered a financial asset. Which would mean that the pre-sale made by Telegram of 2.9 billion tokens for 1.7 billion dollars would have been illegal.
Against this position, Telegram has argued that Gram would not be an asset, but a good. To which the Commodity Futures Trading Commission (CFTC) would have pronounced in a letter sent to the court in charge of the SEC vs. Telegram case.
In this letter, the CFTC would agree with Telegram that the Gram can be considered a good. Clarifying, however, that this is the case of all financial assets. Well, although not all assets are assets, all assets are assets.
Therefore, despite Telegram’s attempts to build a legal strategy with which to protect itself from SEC charges. The CFTC letter would ruin this possibility. Leaving the future of Telegram in limbo as the trial progresses. Making this our Data of the Day today here in CriptoTendencia.
International Studies student, interested in economics and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and cryptocurrencies in particular.