October 22, 2020

Telegram called the "positive step" the transfer of the trial with the SEC

Representatives of Telegram called on investors of the Telegram Open Network (TON) project to have a positive attitude towards the transfer of judicial proceedings with the US Securities and Exchange Commission (SEC), as this will ensure the maximum possible support for their position. This is reported by the Cointelegraph.

Earlier it became known that the New York courtadjourned SEC v. Telegram Group Inc. and TON Issuer Inc. February 18-19, 2020. Up to this point, defendants are prohibited from distributing or selling Gram cryptocurrency.

In a letter to investors dated October 19, Telegram called this development positive, noting that the distribution of Gram tokens is impossible until then.

“Telegram considers such a developmenta positive step towards solving the problem through the judicial system in an accelerated manner. Together with our advisers, we use this time to ensure the maximum possible support for the Telegram position by the February hearings, ” - the letter says.

Telegram also notes that the hearings inFebruary will differ from those that were originally supposed to be held on October 24, because in February Telegram will ask the court to decide on a key argument - whether the Gram token should be considered a security or not.

At the hearing on October 24, the court was only to decide on whether to approve the delay in launching the project.

Earlier, Telegram agreed to postpone the launch toApril 30, 2020 and suggested that dissenting investors return 77% of the invested funds. Filed in a lawsuit by Telegram Group Inc. and TON Issuer Inc. They asked the court to lift the temporary ban on the distribution of tokens, because, in their opinion, the actions of the SEC, which called the Gram token a security, are contrary to common sense.

The commission, however, insisted on an injunction until the end of the proceedings. Otherwise, the regulator believes, further violations by Telegram are “practically guaranteed”.