Telegram told about further actions in conflict with SEC

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Telegram told about further actions in conflict with SEC

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Telegram does not agree with the legal position of the SEC, but among the possible solutions, it considers delaying the launch of the Telegram Open Network (TON), a letter to investors familiar with said in a letter.

Over the past 18 months, TON developers have allegedly tried to establish communication with the department and receive feedback.

“We are surprised and disappointed with the SEC decision.”

Telegram lawyers are studying several options for resolving the problems that have arisen, including delayed launch. It’s also known that in the contract with investors the project is deadline until October 31 – otherwise, investments will have to be returned.

The private Telegram channel for investors TON Board deleted all previous messages and announced that it would resume activity when the legal status of TON and Gram became clear.

Recall, on October 11, the SEC disclosed information about the lawsuit against Telegram Inc. and Ton Issuer Inc. The agency is trying to block the distribution of Gram and has already achieved a temporary ban through the court until the asset enters unregulated markets (cryptocurrency exchanges).

According to the Commission, the token does not have utilitarian properties and is an unregistered security: investors expect profit, no products or services can be purchased for Gram.

39 US residents allegedly participated in the ICO, who acquired Gram for $ 424.5 million. This ensured SEC jurisdiction in the case against Telegram.

There was an unfavorable situation for the involved venture firms.

The SEC’s move to shut down Telegram’s crypto project raises questions about the big venture capital firms that gave it $ 1.7 billion and convinced themselves that it would pass regulatory muster. That includes Benchmark, Sequoia and Lightspeed.

The lawsuit was immediately filed with the Manhattan federal court, bypassing the administrative court, as Telegram allegedly refused to cooperate when it received the summons. A federal judge has broad powers and can set precedents.

In an interview with The Block, one of the American investors said that the developers intended to make the project even more “decentralized” in order to avoid a conflict in the legal field.

Now he expects a delay in launching and registering the Gram token sale in accordance with the established “A +” position by analogy with the Blockstack precedent.

The trial will be held on October 24.

The situation with TON has demonstrated that the sale of SAFT contracts will not protect projects from the recognition of their tokens by securities.

Earlier, the SEC fined startup for $ 24 million for the sale of unregistered securities during the EOS ICO. Some representatives of the community have already indicated that measures against Telegram turned out to be much tougher.

Telegram told about further actions in conflict with SEC

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