New York District Court Postpones Telegram Hearing to 2020

The initial hearing in the Securities and Exchange Commission's (SEC) lawsuit against Telegram was scheduled towill take place on October 24.However, Telegram filed a counterclaim in New York District Court, arguing that its tokens are not securities, and demanded that the preliminary injunction on the release of the Gram cryptocurrency be rejected.

Recall that according to SEC representatives,Telegram violated US securities laws during an initial coin offer (ICO) and seeks a preliminary injunction to issue tokens. In a new lawsuit, the SEC said that lifting the injunction would allow Telegram to continue to break the law.

New York District Court reschedules hearingTelegram company on February 18-19, 2020, holding that “the defendant shall not offer, sell or distribute Gram tokens to any person or entity until the conclusion of the hearing set by the Court on February 18 and 19, 2020, unless when the parties come to a general agreement”.

Since the commission attacked the company forA few days before the planned release of cryptocurrency, Telegram management had to look for a way to justify the delay in front of investors. The agreement concluded with investors provides for a delay in the issuance of the token in case of force majeure, and thanks to this paragraph, Pavel Durov so far may not be afraid of significant pressure from his depositors.

If investors agree not to demand their funds back and wait for a new release date, the TON platform will tentatively launch on April 30.

Based on materialscointelegraph.com