After much struggle with the Security and Exchange Commission (SEC), Telegram has decided to let go of its GRAM trademark.
The messaging app giants voluntarily dismissed its case against another crypto firm (Lantah) over the trademark for a GRAM cryptocurrency.
Telegram secured the preliminary injunction barring Lantah in 2019. Lantah is a tech firm that wanted to issue Gram tokens for “the world’s first Borderless Marketplace,” from using the term.
The messaging giants claimed it had the right to use the trademark for a crypto that would power its blockchain project, Telegram Open Network (TON).
Telegram began developing TON since 2018 around when it filed a suit against Lantah.
However, Telegram has decided to dismiss its charges. It also abandoned Gram token that would have powered its TON. This was after a faceoff and severe dispute with the US Securities and Exchange Commission.
Telegram and SEC faceoff over Gram token
SEC last year had issues with Telegram over the firm’s Initial Coin Offering (ICO) alleging it as an illegal security sale.
Telegram, however, believed it had structured its token sale to avoid allegations like that battled SEC for months.
Since TON did not launch in May, a clause in Telegram’s contract got triggered. After the deadline, the messaging app giant had to return all of the money raised in its ICO. Two weeks after Telegram abandoned the project.
Telegram and SEC officially settled in June a few weeks before Telegram dropped charges against Lantah. Telegram dismissed the charges without prejudice or conditions.
Lantah struggles with Telegram over attorney settlement
Lantah through its lawyer kicked at Telegram saying they should pay attorney fees and cost.
Telegram’s lawyer also said they should not have to pay. They contended that “the majority of Lantah’s costs were created by ‘its own (unsuccessful) litigation strategy,'” which they termed “excessive and avoidable”—after all, Telegram had won the request for a preliminary injunction against Lantah’s use of the trademark.
The court, however, asked Telegram to pay Lantah’s court fees and vacate the preliminary injunction. This was after it found out that Lantah’s case was neither excessive nor avoidable.
In conclusion, it could mean that Lantah’s dream is possible. On the tech Lantah’s website, they claim Lantah’s advent means that fraud, friction, and the greedy middle man will no longer run our way of buying and selling goods and services!