Most participants in the ICO Gram voted to wait until the launch of the Telegram Open Network (TON) blockchain until 30 April 2020 Investors refused the requirement to return the invested money and gave developers the opportunity to complete the work on the project.
TON platform launch scheduled for 31October. However, it had to be postponed due to the fact that the US Securities and Exchange Commission (SEC) managed to get a temporary injunction against the Telegram Group and TON Issuer enterprises that were selling coins. The US agency claims that Gram is a security, therefore, the issuer violated the law during the ICO, as it did not publish data on its financial condition, senior staff and investment risks.
Telegram staff responding to SECinvited depositors to choose one of two options: return 77% of funds or delay the launch of the blockchain until April 30. Voting is carried out until October 23, in connection with this, the official election results will be announced on October 24. Nevertheless, from an anonymous source it became known that investors agreed to wait.
SEC filed suit in Manhattan District Court, accusingTelegram in violation of the law “On Securities”, with the requirement to reimburse depositors costs and pay a fine. Employees of the Commission believe that commercial enterprises that issue securities, calling them tokens or cryptocurrency, have no right to ignore current legislation. The requirements made by the regulator are aimed at protecting the rights of investors, therefore they are mandatory. The first hearing on the suit is scheduled for February 18, 2020. The messenger specialists hope that they will be able to give arguments proving that the Gram is not a security.