The high-profile case around the release of Telegram Open Network’s own cryptocurrency — Gram — officially postponed. The United States District Court for the Southern District of New York State adjourned the Securities and Exchange Commission case against the cryptocurrency token release from Telegram on February 18-19, 2020.
Telegram has already filed a counterclaim on October 16th. The appeal stated that the company’s native token is completely safe for distribution and that any SEC sanctions should be lifted. Nevertheless, this fact didn’t affect the custodians of the iron seal of the cryptocurrency market, and the next day, October 17, a new lawsuit was filed in the New York court in the same case.
To clarify the situation and in view of the huge amount of materials on the case, the hearing was adjourned until February 18-19 of the next year. According to the previous protocol, Telegram representatives were supposed to attend the hearing on October 24.
From an official appeal:
«Defendants (i.e. Telegrams) should not distribute, transfer or deliver Gram cryptocurrency tokens to any individual or legal entity until the end of the proceedings on February 18-19, 2020. During the hearing, either party may turn to the court to continue the action or to cancel this decision.»
Previously we covered problems with Gram ISO and Telegram’s politics regarding investors in the article: https://www.altcoinbuzz.io/crypto-news/product-release/telegram-is-begging-for-investors-mercy/
The prosecution refers to numerous (allegedly) violations of US laws by Telegram during the initial release of tokens on the market (ISO), as well as subsequent violations committed during the lawsuit against them.
The Securities and Exchange Commission stated that any easing of sanctions or lifting of an injunction is immediately treated as an exemption from liability and will lead to the further distribution of tokens and violations of US laws.
SEC against TON
Just a few weeks before the planned release of Gram tokens of the TON cloud blockchain platform, the Securities and Exchange Commission intervened in Telegram activities, alleging numerous violations. This led to a halt in the progress of launching one of the most innovative blockchain platforms in the world and a halt in the pre-sale of Gram tokens.
Telegram representatives appealed to an American court to change the total ban to a preliminary one, with clarification of the circumstances of the case.
Nevertheless, the SEC insisted on its decision, which caused dissatisfaction among investors and concerns that the funds invested in the cryptocurrency could not be returned due to injunctions and the delay in launching the TON blockchain platform.
At the moment, the launch of the platform is being actively discussed. Telegram representatives said they would try to extend the preliminary launch until October 23 — in this case, the official release will occur on April 30.
Source: altcoinbuzz.io
View original post
