Even if you believe Telegram was competent and well intentioned the SEC's argument here seems clear and reasonable:
Grams are securities because the Initial Purchasers and subsequent investors expect to profit from Telegram’s work ... Grams are not a currency because, among other things, there are not any products or services that can be purchased with Grams.
Grams are securities because the Initial Purchasers and subsequent investors expect to profit from Telegram’s work ... Grams are not a currency because, among other things, there are not any products or services that can be purchased with Grams.