A hearing between the Telegram and the SEC deferred to 2020

A few days ago we wrote that the SEC has suspended production of Gram tokens in the blockchain network TON, as they are unregistered securities. 16 October, the company filed a counterclaim, which asserts that the native cryptocurrency company is not a security, therefore, the injunction should be cancelled. The story is not over.

Court hearing postponed until 2020

Initially, the hearing on the case was scheduled for October 24. However, as stated in the latest court ruling, which was available to Cointelegraph, the district court of new York adjourned the hearing to February 18-19, 2020.

Order: defendants shall not offer, sell, transmit or distribute tokens Gram to any person or entity prior to the completion of the hearing scheduled by the court on 18 and 19 February 2020.

The Commission on securities and stock exchanges of the US SEC said that the Telegram not only violated the laws of the United States securities during the ICO, but will seek an injunction to eliminate violations of the Telegram in the future.

Read on: Telegram suggested investors to postpone the launch of the TON because of problems with the SEC.

Telegram asks investors not to panic before hearing

Telegram was immediately sent its investors a letter in which calls to consider the postponement of the hearings in February as a “positive step”. According to Telegram, this is good news, although the company forced to admit that no tokens Gram until completion of the proceedings, we do not see. That’s what the letter says.

Telegram sees this development as a positive step towards a speedy solution of this question in the legal field. We and our advisors use this time to position Telegram received as much support at the February hearing.

And what is the result?

The main argument of the company: Gram tokens do not qualify as securities and therefore do not fall under the purview of SEC. The narrative in the letter is based around the fact that February next year will be more favourable for solving this issue, rather than the previously indicated date 24 Oct 2019.

Source: 2Биткоина

Let me remind you, it all started with the fact that the Telegram company held two private round of fundraising to create your own blockchain TON and release their own tokens Gram. Then the company managed to collect from investors 1.7 billion. However, the Commission on securities and stock exchanges of the USA have classified the tokens as Gram securities and obtained an injunction on the start of the chain and issue tokens. In turn, Telegram claims that native tokens of the company are not securities, but a court order has no legal grounds.

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