Telegram Wants to Postpone TON Launch

Neironix

17.10.2019

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This decision was made due to a recent lawsuit filed by the US Securities and Exchange Commission. Recall that the Manhattan District Court issued a temporary ban on the company to issue a GRAM coin. The fact is that the SEC considers this cryptocurrency to be an unregistered security.

“We had intended to launch the TON network in late October. However, the recent SEC lawsuit has made that timing unachievable. We disagree with the SEC’s legal position and intend to vigorously defend the lawsuit. We are proposing to extend the deadline date in order to provide additional time to resolve the SEC’s lawsuit and work with other governmental authorities in advance of the launch of the TON network”

Telegram also notes that "the additional time will be an advantage for companies working on applications for the TON network". The letter says that the period can be extended with the permission of investors who own most of the coins.

Two groups of investors: those who bought tokens in February 2018, and those who did this in March 2018, will have to approve the delay of the TON network launch deadline separately.

The second round investors should vote no later than October 23. If the majority decides not to sign, then they will be able to return "approximately 77%" of their funds. The first-round investors received “a separate communication” from Telegram, the letter says.