What Was the Primary Consequence of the SEC’s Action against Telegram?

The primary consequence was the court-ordered injunction preventing Telegram from delivering its Gram tokens, effectively halting the $1.7 billion ICO and forcing the company to return funds to investors. This action had a chilling effect on the broader crypto market, signaling the SEC's willingness to pursue enforcement against large, well-funded projects and asserting its jurisdiction over offerings that included non-US investors.

It underscored the need for strict compliance with US securities laws.