Telegram CEO may postpone the launch of blockchain platform due to US decision
The Bell newspaper has reported that after The United States Securities and Exchange Commission (SEC) temporarily blocked the release of cryptocurrency TON, Pavel Durov's team sent a letter to its investors. The letter says that Telegram has been trying to communicate with SEC representatives for the past eighteen months and now they are disappointed with the Commission's decision to settle the issue through the courts.
The option of postponing the launch of the TON blockchain platform to a later date is also considered. According to the plan, the launch was supposed to be on October 31st. Otherwise, Telegram promises to return $1.7 billion to the investors.
The team of Pavel Durov stated that they were working hard in order to quickly resolve the issue and promised to provide new information within the following week.
The SEC reported that they had filed an emergency lawsuit and had achieved through the courts a temporary ban on the issuance of Gram cryptocurrency by Telegram Group Inc and TON Issuer Inc. The reason was that the companies had not registered the issue of cryptocurrency properly: the US authorities claim that Gram is a security paper, which means that its release involves more detailed disclosure. For example, the telegram team had to provide the investors with the information about their financial condition, management and risk factors.