“The circus with SEC will drag on for several years”: the TON community does not believe in the cryptocurrency launch by Durov

The launch of the TON blockchain platform, scheduled for April 30, is unlikely to take place, and the litigation withThe US Securities and Exchange Commission (SEC) may drag on for years. This assumption was made by a member of the Telegram Community Foundation (TCF) in a ForkLog comment.

"The probability of the launch of the Gram cryptocurrency from the Telegram team led by the Durovs is zero.As a TON technology platform without economic value on the part of the TCF team enthusiasts – yes rather than no,"- said the interlocutor of the publication.

According to him, "the circus that is happening with the SEC is a political story that will drag on for several years."Despite the "media hysteria" inside the TON project, "all is well," he added.

The Telegram team is now contesting the lawsuitdecision to temporarily ban the distribution of Gram tokens. The court sided with the SEC and agreed that the company could sell unregistered securities to investors.

"From a legal point of view, the launch of the platform depends on the final decision of the court, although it seems to me that the judge has already expressed everything quite definitively.I don't expect any surprises, to be honest."said Dmitry Goroshevsky, CTO of the TON Labs startup.

Exante Executive Director Anatoly Knyazev agrees with him:

«To launch TON, it is necessary to issue tokens, while the court forbade this.The SEC will not allow the launch of cryptocurrencies in the TON or Libra format until they come up with itThey are likely to repeat the existing legislation in terms of securities, anti-money laundering, and KYC.I think that in the next couple of years, case law will work in the United States for projects like TON."

Knyazev doubts that the main TON network launched by third-party developers will find support from investors:

"It is possible to launch a copy of the project without Durov, but who needs a token without his brand name?"- Knyazev said in a comment on ForkLog.

If TON platform is not launched on April 30, PavelDurov will have to return funds to investors. The project reached such an agreement in October 2019. Then it was about 77% of the amount of $ 1.7 billion. Now these numbers will be less, since part of the money went to develop the platform.

TCF participants did not exclude the possibility that Telegram could again delay the launch date, but they found it difficult to predict the reaction of investors.

According to The Bell, investors have not yet received any messages from the creators of Telegram.

Recall that back in March 2020, ten investors announced their readiness to exit the project.

Along with this, members of the TCF community discussed the possibility of launching the TON blockchain without the participation of the company's management, indicating that their plans couldto prevent "excessive investor craving for centralization."