July 18, 2024

Telegram's Gram cryptocurrency launch may be delayed for a year

Telegram's Gram cryptocurrency launch may be delayed for a year

RBC sources report that Pavel Durov’s cryptocurrency project may be launched only in a year.The blame for the disagreement with US regulators.

Does TON launch postpone for a year?

Telegram Open Network cryptocurrency network shouldwas to be published until October 31 of this year. It is this date that was indicated by the extreme in the contract with investors. If ICO participants do not receive Gram tokens on time, they will have a legal right to demand their money back.

We're talking about $1.7 billion that the company raised last year. Since then, the launch of the project has been constantly postponed, but the reason for this was the difficulties in developing such complex technology. Now that the cryptocurrency is ready to launch, another unexpected obstacle has arisen — US regulators.

The Securities and Exchange Commission chargedDurova in the sale of unregistered securities, after which the court banned the further distribution of Gram tokens on the American market. Given the nature of cryptocurrency, it is difficult to concentrate it in any specific region: once it is released in one country, people all over the world will have access.

Further actions of Pavel Durov

TON representatives sent letters to theirinvestors who called the SEC decision unexpected and unpleasant. They noted that for the entire time they worked on the project, they tried to establish contact with the regulator, as well as to ensure full compliance of the product with all legal requirements. Despite this, the SEC did not contact, and came to its senses only at the last moment.

Now the launch of the project can be postponed for a whole year. This is an extremely sad event for many reasons:

  • Firstly, Durov could gain a competitive advantage by issuing cryptocurrency before all major competitors (including Facebook's Libra).
  • Secondly, the actions of the SEC once again prove that in the case of “large” cryptocurrencies, one should not expect any freedom for both issuers and users.

Alas, nothing can be done about this.Pavel Durov should have understood in which country he was trying to launch his new project. If he had chosen a less restrictive jurisdiction that does not obey the states, we could have seen the cryptocurrency launch on time, but it is too late to make any changes. All that remains for the company — follow their destiny and try to convince the Commission that their cryptocurrency is fully compliant with all laws.