Earlier, Telegram itself compared its tokens to donuts itself, meaning that Gram is a сommodity
The US Securities and Exchange Commission (SEC) considers Telegram’s claim that Gram tokens are a commodity, not a security, as an attempt to avoid economic reality.
The Commission says that Telegram tokens are worth less than a donut. SEC made that statement in its memorandum in the framework of court proceedings on the legality of Pavel Durov’s crypto.
The Commission believes that Telegram creates an artificial distinction between a purchaser’s investment in Grams and the company’s delivery of Grams to that purchaser. According to the given to the SEC information, the company claims that investors couldn’t buy the crypto because it didn’t exist at the time of purchase.