The Southern District Court of New York, which is now responsible for the SEC case against Telegram, adjourned the hearing to February 2020.
The trial of Durov is postponed to next year
Earlier, the court ordered a hearing in the current case on October 24, but a fresh order speaks of a different time frame: the first hearing should only take place on February 18 of the next year. In other words, we have to wait four whole months before the problem with American regulators begins to be resolved.
The court order also states that up to this time Telegram has no right to distribute Gram tokens in any way, including giving them to legitimate investors.
Recall what this whole story consists of: the U.S. Securities and Exchange Commission suddenly decided that Durov illegally sold securities under the guise of cryptocurrency and ran to court. There she was joyfully supported, forbidding Durov to even look at Grams until the issue was resolved.
Durov himself believes that the SEC was simply insolent, and its actions are illegal. Telegram not only unsuccessfully tried to establish contact with the regulator for more than a year, but also independently brought the project under full compliance with the laws.
The future of Telegram cryptocurrency is in question
Despite all this, even Durov is afraid to go against the SEC. Previously, he proposed his solution to the problem: Telegram postpones the release of Gram for five months, and returns to investors who do not agree with this decision about 70% of the invested funds. The commission rejected this proposal, the court sided with the regulator. Now, Durov will have to wait four months for the trial to begin trite.
Most of all in this situation, it seems strange the moment when the SEC decided to intervene. The regulator sounded the alarm just a couple of weeks before the scheduled launch, although before that he did not care about the project for more than a year. Two theories arise here: either the Commission once again confirms its reputation as a thoughtless sadistic machine, or the whole situation has been played up from the very beginning.
We, ordinary users, now can only wait. Now that Libra and Ton are being postponed indefinitely, it's worth concentrating on something closer to the industry. Hopefully, the SEC’s thoughtless policies will not do too much damage to the market.
Publication date 10/20/2019
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