After the SEC lawsuit Telegram are delaying the release of TON. Majority of investors must agree on the extension or else the company will be forced to issue a refund on their token sale.
The messaging giant Telegram has informed investors that it will delay the launch of its public blockchain TON and its GRAM token citing regulatory uncertainty in the United States.
In an email to investors Telegram said:
“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.”
It was reported that the U.S. Securities and Exchange Commission (SEC) had issued an emergency restraining order against Telegram and the sale of their token just last week. The SEC claimed stated that the Telegram’s token constituted a security and that the company had failed to properly register for the sale of GRAM, despite some U.S. buyers being involved in the original ICO.
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