Telegram Considers The SEC Trial Putting-Off As A “Positive Step”
Telegram representatives called on investors of the Telegram Open Network (TON) project to have a positive view of postponing SEC litigation. This would provide the best possible support for their position.
Earlier a New York court adjourned the SEC case against Telegram Group Inc. and TON Issuer Inc. February 18-19, 2020. Up to this point, defendants are prohibited from distributing or selling Gram cryptocurrency.
In a letter to investors dated October 19, Telegram called this development positive. The representatives of the project note that the distribution of Gram tokens is not possible until then.
Telegram also states that the February hearings will be different from those that were originally supposed to be held on October 24, since in February Telegram will ask the court to decide on the key argument - whether the Gram token should be considered a security or not.
At the hearing on October 24, the court was only to decide whether to approve the delay in launching the project.
Earlier, Telegram agreed to postpone the launch until April 30, 2020, and offered dissenting investors to return 77% of the invested funds. Filed in a lawsuit by Telegram Group Inc. and TON Issuer Inc. They asked the court to lift the temporary ban on the distribution of tokens, since, in their opinion, the actions of the SEC, which called the Gram token a security, are contrary to common sense.