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A New York court ruled to indefinitely extend the SEC ban on the placement of Gram tokens.
District Judge P. Kevin Castel clarified that the duration of the ban will be determined later. The next hearing in the case was adjourned until April 30.
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During the trial, representativesTelegram managed to prove the decentralized nature of the network, but the court still had doubts about the declared capabilities of TON. According to eyewitnesses, Judge Castel has an idea of blockchain technology and decentralization, but wants to delve deeper into the topic and study the technical features of the network.
The reminder of the Telegram lawyer about the company's obligations to issue a token by the end of April was not heard by the court.
Recall that the SEC filed a lawsuit against Telegram andreceived a temporary injunction to sell Gram tokens until April 30, 2020. Representatives of the commission claim that the company did not register its ICO properly and “sold securities bypassing the law.”
How investors will react to rethe postponement of the placement of tokens and the launch of the TON network is still unknown. Six investors from the Telegram Open Network platform have already filed a petition with the New York District Court to remain anonymous during a lawsuit between Telegram and the SEC.