Telegram founder Pavel Durov announced the termination of work on the Telegram Open Network (TON) due to the ongoing process with the us securities and exchange Commission (SEC).
Pavel Durov said in his personal channel on Telegram that after two and a half years of working on the TON project, Telegram is forced to stop developing the blockchain and the Gram token due to regulatory problems.
Last fall, the SEC charged
Telegram is accused of illegally conducting an ICO, which led to a lengthy legal battle, as a result of which the court blocked
distribution of Gram tokens not only for US citizens, but also outside the country. Pavel Durov wrote:
“Today we have a sad day in Telegram. We are announcing the termination of work on our blockchain project. Below is a summary of what our goals were and why we had to abandon TON,” he wrote.
The article States that the SEC has obtained a preliminary injunction against the distribution of Gram tokens, which played a crucial role in the decision to stop working on the project.
“Unfortunately, the American judge is right about one thing: we, people outside the United States, can vote for our presidents and choose our parliaments, but we still depend on the United States when it comes to Finance and technology,” Pavel Durov wrote.
US control over the dollar and influence on the global financial system give the country huge opportunities, Durov writes. He added that the country could also influence Apple and Google to remove apps from their stores.
“It is true that other countries do not have full sovereignty over what is allowed on their territory. Unfortunately, we-96% of the world’s population living elsewhere-depend on decision – makers elected by 4% of the world’s population living in the US,” he wrote.
“I want to wish good luck to all those who strive for decentralization, balance and equality in the world. You are fighting the right battle. This battle may well be the most important battle of our generation. We hope that you will succeed where we have failed.”
Last week, an independent group of developers, validators, and users of the Free TON Community launched
the Free TON blockchain is based on telegram developments, but without the company’s participation.