The launch date of the TON Blockchain platform has been changed

The launch date of the TON Blockchain platform has been changed Update from 18.10.2019: The SEC has recently announced that postponing the launch date of the TON Blockchain platform and pausing all operations with the Gram digital currency will not be enough. The regulator insists on a court injunction, which must be imposed until the end of the proceedings. This is the opinion of TASS, referring to the documents included in the federal court database. Telegram still insists that Gram tokens should not be considered securities. Durov’s legal experts say that the firm has been ready to cooperate for a long time. They want the court not to issue any orders, as people may interpret them incorrectly. However, according to the regulator itself, without issuing a ban, Telegram will be able to commit legal violations again in 5 months. At the same time, Telegram’s arguments that tokens are not securities were not convincing to the plaintiff. Telegram’s lawyers informed the court of the Southern District of New York that Durov’s company wants to postpone the launch date of the TON (Telegram Open Network) blockchain platform. They also reported that the company may suspend all operations related to the Gram digital currency for some time. This was reported by the TASS news agency, citing the materials of the court hearing. Since the firm was provided with funds by American investors without registering the issue and disclosing all the data about the project and its possible risks, it violated several provisions of the Securities Act of 1933. The SEC nevertheless managed to obtain a restraining order against 2 companies that conducted the Gram token offering. These are Telegram Group Inc. and TON Issuer Inc. Suspension of operations In fact, Telegram does not consider the SEC’s requirements to be fair. Moreover, the company even agrees to suspend all operations related to digital currency for almost six months. It is also ready to change the launch date of the TON blockchain platform. Telegram’s experts noted that they had previously worked closely with the SEC and provided it with all the documents it needed. Moreover, the Commission itself has never had any questions about Durov’s project. For this reason, the lawsuit was completely unexpected for Telegram. The defense claims that Gram tokens are digital currency, but not securities. The lawyers request that the court allow the company not to respond to the regulator’s requests. “Coindesk, a popular publication, was able to read a letter sent by Telegram to its investors. It said that the date of the offering would be postponed to 04/30/20. What will happen to investors’ deposits? Telegram held 2 ICO rounds in a closed mode. As a result, about $1.7 billion was raised. The main condition for the placement was the guaranteed launch of the project on 10/31/19. Otherwise, investors promised to return all cash costs in full. The Bell reports that in the first half of 2019, the creators of TON gave about $218 million out of $520 million. This was the amount Durov planned to spend on the development period. So it’s clear that he owed investors a fairly large sum of money. However, it is likely that Durov will not have to return the money to his investors. In an agreement on the purchase of Gram tokens, the actions of the authorities can be equated with force majeure along with force majeure. The letter also stated that Telegram is now planning to extend the deadline. In order for the plan to work, the ICO requires the consent of a huge number of investors to extend the placement period. Otherwise, their agreement to purchase Gram tokens will expire on 10/31/19. Then Telegram can hope to receive a good compensation, namely 77 percent of the investment amount.