October 26, 2020

New York District Court Postpones Telegram Hearing to 2020

New York District Court Postpones Telegram Hearing to 2020

The initial hearing of the lawsuit by the Securities and Exchange Commission (SEC) against Telegram was to take place on October 24th. However, Telegram filed a counterclaim with the New York District Court, claiming that its tokens are not securities, and demanded that the preliminary ban 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 adjourned hearingTelegram on February 18–19, 2020, stating that “the defendant must not offer, sell or distribute Gram tokens to any natural or legal person until the hearing scheduled by the Court on February 18 and 19, 2020, unless the parties come to a common 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.

According to the materials cointelegraph.com