January 28, 2023

SEC lawsuit against Telegram postponed to next year

The hearing of the SEC lawsuit against Telegram has been postponed to February next year. It was originally scheduled for 24 October.

Recall that in the middle of the month, the SEC blamedTelegram has illegally held an ICO and imposed a restriction on the sale and distribution of Gram tokens, considering that holding this ICO violates US laws.

SEC hearing on Telegram scheduled forOn October 24, however, according to new court documents, the hearing was adjourned until February 18-19, 2020. Examining Judge Kevin Castel ruled that Telegram should not distribute its tokens until this date, and before the court decides on the case.

Telegram pledged to postpone earlier this week.the launch of the TON blockchain and the release of Gram tokens for project investors until April 30, 2020, to resolve all problems with the SEC. Investors participating in the second round of fundraising must give an answer before October 23.

If the majority abandon the new conditions, theythey will return "about 77%" of the funds invested by them. Investors of the first round were sent a separate message. If both parties agree to extend the launch date, the company plans to spend another $ 80 million by April 30.

In addition, Telegram appealed to the US Federal District Court with a request to dismiss the SEC lawsuit for a temporary ban on the sale of Gram tokens due to the fact that they do not constitute securities.