RBC sources report that the cryptocurrency project of Pavel Durov can only be launched in a year. The blame for the disagreement with US regulators.
Does TON launch carry over to a year?
The cryptocurrency network Telegram Open Network was to be released before October 31 of this year. It is this date that was indicated by the extreme in the contract with investors. If participants in the ICO do not receive Gram tokens on time, they will have a legal right to demand their money back.
We are talking about the $ 1.7 billion that the company raised last year. Since then, the launch of the project has been constantly delayed, but the reason for this was the difficulty in developing such a complex technology. Now that the cryptocurrency is ready to launch, another unexpected obstacle has arisen – US regulators.
The Securities and Exchange Commission accused Durov of selling unregistered securities, after which, through a court of law, banned the further distribution of Gram tokens in the US market. Given the nature of cryptocurrency, it is difficult to concentrate it in a particular region: it is worth releasing it in one country, as residents around the world will gain access.
Further actions of Pavel Durov
Representatives of TON sent letters to their investors, where they called the SEC decision unexpected and unpleasant. They noted that for the entire time they worked on the project, they tried to establish contact with the regulator, as well as to ensure full compliance of the product with all legal requirements. Despite this, the SEC did not contact, and came to its senses only at the last moment.
Now the launch of the project can be postponed for a whole year. This is an extremely sad event for many reasons:
- Firstly, Durov could gain a competitive advantage by issuing cryptocurrency before all major competitors (including Facebook's Libra ).
- Secondly, the actions of the SEC once again prove that in the case of “large” cryptocurrencies, one should not expect any freedom for both issuers and users.
Alas, nothing can be done about it. Pavel Durov had to understand in which country he was trying to launch his new project. If he chose a less strict jurisdiction that does not submit to the states, we could see the cryptocurrency launch on time, but it is too late to make any changes. All that remains for the company is to follow its fate and try to convince the Commission that their cryptocurrency is fully consistent with all laws.
Publication date 10/15/2019
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