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 BlockchainJournal reads.
Over the past 18 months, TON developers have allegedly tried to establish communication with the department and receive feedback.
“By the SEC decision, we are surprised and disappointed.”
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 seeking to block the distribution of Gram tokens. It 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 are counting on profits; no products or services can be purchased for Gram.
The ICO allegedly involved 39 US residents who acquired Gram for $ 424.5 million. This ensured SEC jurisdiction in the case against Telegram.
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 situation with TON demonstrated that the sale of SAFT contracts will not protect projects from the recognition of their tokens by securities.
Earlier, the SEC fined Block.one startup for $ 24 million for the sale of unregistered securities during the ICO EOS. Some representatives of the community have already indicated that measures against Telegram were much tougher.
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