September 27, 2020

The launch of the Telegram cryptocurrency is postponed until February 2020.

The launch of the Telegram cryptocurrency is postponed until February 2020.

New York Southern District Court, now in charge of SEC v. Telegram, adjourned hearing in February 2020 year.

The trial of Durov is postponed to next year

Earlier, the court scheduled a hearing in the current case onOctober 24, however, a fresh order speaks of a different time frame: the first meeting should be held only on February 18 of the next year. In other words, we will have to wait four whole months before the problem with American regulators begins to be resolved.

The court order also states that up to this time Telegram has no right to distribute Gram tokens in any way, including giving them to legitimate investors.

Recall what this whole story consists of: The US Securities and Exchange Commission suddenly decided that Durov illegally sold securities under the guise of cryptocurrency and ran to court. There she was joyfully supported, forbidding Durov to even look at Gram’s until the issue was resolved.

Durov himself believes that the SEC was simply insolent, and heractions are illegal. Telegram not only unsuccessfully tried to establish contact with the regulator for more than a year, but also independently brought the project under full compliance with the laws.

The future of Telegram cryptocurrency is in question

Despite all this, even the SEC is afraid to goDurov. Earlier, he proposed his solution to the problem: Telegram postpones the release of Gram for five months, and to investors who do not agree with this decision, it returns about 70% of the invested funds. The commission rejected this proposal, the court sided with the regulator. Now, Durov will have to wait four months for the trial to begin trite.

Most of all in this situation it seems strangethe moment the SEC decided to intervene. The regulator sounded the alarm just a couple of weeks before the scheduled launch, although before that he did not care about the project for more than a year. Two theories arise here: either the Commission once again confirms its reputation as a thoughtless sadistic machine, or this whole situation has been played out from the very beginning.

We, ordinary users, now have onlyto wait. Now that Libra and Ton are being postponed indefinitely, you should focus on something closer to the industry. Hopefully, SEC’s thoughtless policies will not do too much damage to the market.

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