Telegram lost another round in court against the U.S. Securities and Exchange Commission (SEC) and now can’t launch its $1.7 billion token sale. What does it mean for the crypto industry and other startups that sold tokens?

Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight with Apple PodcastsSpotifyPocketcastsGoogle PodcastsCastboxStitcherRadioPublicaIHeartRadio or RSS.

Telegram, the popular messaging app, has big plans for its blockchain Telegram Open Network, or TON. It also had one of the biggest token sales in history, followed by a huge legal fight over it.

Related: Bitcoin Halving: How Miners are Preparing for Lower Block Rewards

The SEC sued the company to halt the TON network, saying its native gram tokens were unregistered securities. Telegram argued grams were a commodity. A federal judge in New York issued a