March 29, 2024

SEC lawsuit against Telegram postponed to next year

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

Let us remind you that in the middle of the monthThe SEC accused Telegram of illegally conducting an ICO and imposed restrictions on the sale and distribution of Gram tokens, considering that this ICO violated US laws.

A hearing on the SEC's lawsuit against Telegram was scheduled forOn October 24, however, the case was adjourned until February 18-19, 2020, according to new court documents. Judge Kevin Castel, who is hearing the case, ruled that Telegram should not distribute its tokens before that date, and before the court rules on the case.

Earlier this week, Telegram committed to delayinglaunch of the TON blockchain and release of Gram tokens for project investors until April 30, 2020, in order to resolve all problems with the SEC. Investors participating in the second round of fundraising have until October 23 to respond.

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 asked the US Federal District Court to dismiss the SEC's lawsuit seeking a temporary ban on the sale of Gram tokens due to the fact that they do not constitute securities.

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