The hearing on the SEC’s lawsuit against Telegram has been postponed to February next year. It was originally scheduled for October 24.
Recall that in the middle of the month, the SEC accused
Telegram of illegally conducting an ICO and imposed restrictions on the sale and distribution of Gram tokens, considering that conducting this ICO violates US laws.
A hearing on the SEC’s lawsuit against Telegram was scheduled for October 24, but according to new court documents, the hearing has been postponed until February 18-19, 2020. The judge considering the case, Kevin Castel, ruled that Telegram should not distribute its tokens before this date, and before the court makes a decision on the case.
Earlier this week, Telegram committed to
postpone the launch of the TON blockchain and the issue of Gram tokens for project investors until April 30, 2020, in order to resolve all problems with the SEC. Investors participating in the second round of fundraising must respond by October 23.
If the majority refuse the new conditions, they will be returned “about 77%” of their invested funds. A separate message was sent to investors of the first round. If both parties agree to extend the launch deadline, the company plans to spend another $80 million by April 30.
In addition, the Telegram addressed
to the US Federal district court with a request to reject the SEC’s claim for a temporary ban on the sale of Gram tokens due to the fact that they do not constitute securities.