Telegram appealed the decision of the US federal court, according to which GRAM tokens are recognized as securities. In this situation, the release by Telegram of cryptocurrency now remains a big question. GRAM tokens qualify as securities Earlier, the Securities Commission (SEC) issued a conclusion that GRAM tokens can qualify as securities. The US Federal Court in considering the Telegram case took into account this statement. As a result, the preparation process for the issuance of GRAM was suspended. The telegram has already appealed to the court against the announced ban. It is important to note here that GRAM tokens are recognized as securities according to the Howie test. This test shows whether an asset can be considered a security. “The SEC has presented impressive arguments that confirm that GRAM tokens are securities. This may lead to the failure of the Telegram initiative regarding the distribution and implementation of its own cryptocurrency. ” This statement puts the interests of the Telegram in a precarious position before the court. The judgment of appeal: can Telegram win the case? Some experts believe that the decision of the Telegram to appeal the token ban will not be a victory. In particular, Philip Mustakis, a former SEC lawyer, believes that the chances of Telegrams are quite minimal. In his opinion, the Telegram team should carefully prepare the refuting materials for the start of the trial. “The Telegram has a difficult task: to win in the Court of Appeal, the team must provide a fact sheet according to which the district court made a mistake in deciding on the GRAM tokens.” Telegram tokens have always been of interest among representatives of regulatory bodies who see in GRAM the possibility of implementing some kind of planned scheme. Back in October, the SEC imposed a temporary ban on the distribution of GRAM. The basis for this decision was the identification of unregistered GRAM tokens of $1.7 billion.