Blockstream CEO Questions Economic Framework of Gram Token
In a recent turn of events, Blockstream’s CEO Adam Back has publicly called into question the economic framework surrounding the Gram (GRAM) token, which is closely linked to Pavel Durov and his messaging platform Telegram. This comment came on the same day that the TON token was officially reverted to the historical name ‘Gram.’
Criticism of Traditional Financial Systems
Back’s skepticism was sparked by a post from Durov, who reiterated criticism of traditional financial systems and emphasized the value of Bitcoin, stating:
“The government keeps printing money like there’s no tomorrow. Nobody is printing Bitcoin.”
In a playful yet pointed response to Durov, Back remarked:
“someone is printing GRAM though eh :),”
highlighting a contradiction in Durov’s stance. Up to this moment, Durov has not replied to Back’s observation.
Historical Context and Legal Struggles
Back’s latest critique is consistent with his historical viewpoint regarding Telegram’s involvement in cryptocurrency projects. He had previously weighed in on Durov’s legal struggles with U.S. regulatory bodies back in January 2020, labeling Telegram’s initial coin offering (ICO) as a “naked money grab.” According to Back, purchasing Gram tokens did not afford buyers any legitimate rights associated with corporate ownership or investment security, which is a staple in conventional venture capital.
Discrepancies in SEC Enforcement Actions
Moreover, Back addressed the perceived inconsistency in the U.S. Securities and Exchange Commission’s (SEC) enforcement actions. He drew attention to the disproportionate response to Durov’s project compared to the comparatively minimal penalties handed to other blockchain initiatives, suggesting this discrepancy resembled “shooting a mosquito with a bazooka.”
Aftermath of SEC Intervention
Following the SEC’s intervention, Durov had to step away from the Gram project, leaving independent developers to carry it on under the name Toncoin. Back’s remarks coincided with the rebranding announcement from The Open Network (TON), where the community voted overwhelmingly—81.22%—to re-adopt the original name, Gram, for its main token.
