Media: TON To Postpone The Launch Of Crypto Project To 2020
A conflict between Telegram and the US Securities and Exchange Commission (SEC) may delay the launch of the TON crypto project for 6 or 12 months.
The TON project needs the indicated period to resolve SEC issues. Recall, that the TON hearing was scheduled for October 24. According to investors, it is after discussing the problems of the crypto project with regulatory authorities on the indicated day that the Telegram team will make a final decision on further actions. Therefore, the TON launch may be postponed to April-October 2020.
Note, the Telegram team distributed software among its investors allows generating access keys to the cryptocurrency of the project shortly before the conflict. Also, information appeared on the network about the readiness to launch TON in the second half of October this year.
Details Of The Conflict
The requirement of the SEC is the recognition of the TON project cryptocurrency GRAM as security. Earlier, information appeared on the network according to which the regulator had been collecting data on the Telegram initiative since the beginning of September this year. Note, that according to the statements of the TON team, for 18 months they unsuccessfully tried to get in touch with the SEC.
According to reports, the regulator attracted American investors to collect materials on the project. The latter, according to media reports, provided some of the information. This is evidenced by the information used by the SEC in court materials, which was initially provided exclusively for internal familiarization to the project participants.
Recall, a few days ago on the network there was information that the SEC sent a complaint to the federal district court of Manhattan about the crypto project of Pavel Durov. Against the backdrop of litigation, the launch of the GRAM cryptocurrency before the designated deadline (October 31, 2019) was at risk. In this regard, the TON team, following the terms of the contract for the sale of project tokens, risks losing investors' funds. According to the document, if the project cannot be launched on time, its representatives should return the investments. However, according to some media reports, some clauses of the agreement may allow Telegram to save investors' funds, presenting the conflict with the SEC as force majeure.