Gram cryptocurrency investors agree to wait for TON to launch until April

The majority of Gram ICO participants voted to wait for the launch of the Telegram Open Network (TON) blockchain until 30April 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.

The SEC filed a lawsuit in a Manhattan District Court, accusing Telegram of violating the Securities Act, demanding reimbursement of costs to depositors and payment of a fine.The Commission's staff believes that commercial enterprises that issue securities, calling them tokens or cryptocurrency, do not haveThe requirements imposed by the regulator are aimed at protecting the rights of investors, so they are mandatory.The first hearing on the lawsuit is scheduled for February 18, 2020.Messenger specialists hope that they will be able toprovide arguments proving that Gram is not a security.