Telegram informed investors of its blockchain project that the TON network will not be launched on October 30, as expected, but on April 30, 2020. At the same time, Telegram is ready not only to postpone the launch of the Gram cryptocurrency , but also to return to investors most of the money.
The lawyers recruited by Pavel Durov to work with the U.S. Securities and Exchange Commission sent a case file to the Southern District of New York State, which disclosed further plans for the Telegram Open Network. According to new data, lawyers intend to defend the rights of the company, despite the obvious unfounded claims from the SEC .
In particular, the company agreed to suspend the distribution of Gram tokens for five months from the moment the dispute with the regulator is resolved. This means that even if the SEC abandons its claims (which is hard to believe), Durov will not be able to start distributing cryptocurrency to investors until the first quarter of 2020.
Telegram also sent out a fresh update to its investors, where it notified them of the possibility of postponing the launch of the cryptocurrency until April 30 next year. Taking into account the documents submitted to the court, Durov expects to resolve all issues with the SEC by the end of October, otherwise the five-month period will not fit into the company's plans.
The main problem in postponing the launch is that the initial contract with investors expires on October 31. For this reason, Telegram will offer to sign a new agreement in which investors will have to agree to the new terms. If they refuse, they will be returned to 77% of the invested funds. This raises another question: if the main contract expires on October 31, on what legal grounds can Durov not pay the full amount of investment?
As a result, this whole tangle of confrontation between Durov and the SEC is becoming more confused. Telegram claims that they have been trying to establish contact with the regulator for more than a year, and even changed the structure of the project in order to fully comply with legislative standards. The SEC, in turn, continues to abut and carry nonsense about securities, although there is a huge difference between them and the cryptocurrency . As a result, we will have to put up with a long delay, which will only harm the entire industry as a whole.
Publication date 10/18/2019
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