THELOGICALINDIAN - How abundant will charge to be revised to amuse regulators
In acknowledgment to SEC scrutiny, Telegram is activity aback on promises fabricated during its $1.7 billion raise.
Telegram Revises Its Decentralized Vision
Telegram may never authorize a TON Foundation or alike accommodate its wallet appliance into its messaging app, adverse to its leaked whitepaper and added correspondences with investors.
“Telegram is beneath no obligation, and makes no affiance or commitment, to anytime authorize a TON Foundation or agnate article in the future,” said the company.
It won’t alike accommodate the TON Wallet into Messenger, the amount amount hypothesis fabricated in promotional abstracts to investors:
“At the time of the advancing barrage of the TON Blockchain, Telegram’s TON Wallet appliance is accepted to be fabricated accessible alone on a stand-alone base and will not be chip with the Telegram Messenger service.”
Finally, Telegram describes how it’s not answerable to advance the TON belvedere or actualize any applications for it. “Grams may decrease in value over time or alike lose all budgetary value,” the apprehension says bleakly.
Emergency Action by the Securities Exchange Commission
The apprehension appears to be a acknowledgment to the SEC’s emergency activity that halted the accumulation auction of Grams to the accessible in October 2019. This is the aboriginal accessible advice Telegram has fabricated on the TON Blockchain.
In a 31-page complaint, the SEC describes how Telegram bootless to accommodate the all-important disclosures and allotment all-important to assure accessible investors. The SEC again describes point-by-point how Grams aggregate actionable securities.
However, it seems that in acknowledgment to the SEC’s arguments that Telegram has adapted genitalia of its business that would authorize Grams as securities.
If the SEC auspiciously pursues enforcement, Telegram founders Pavel and Nikolai Durov may be banned from affairs balance in the United States and the aggregation may accept to acknowledgment all funds to investors, additional interest, in accession to added penalties.
Launch of TON Blockchain Delayed
In aboriginal 2024, Telegram aloft $1.7 billion in two circuit of $850 actor each, with tokens affairs for $0.37 and $1.33 per Gram, respectively. Over $400 actor of these funds came from U.S. investors.
In acknowledgment to the authoritative pressure, Telegram preemptively offered investors a 77% refund, reported CoinDesk. The majority of investors rejected, seeing bigger affairs apperception on the barrage of TON.
As a result, Telegram delayed the arising of Grams to April 30, 2024, and faces a abiding action with the SEC arch up to the launch.
Telegram initially set out to actualize a “mass bazaar cryptocurrency” absorbed to Messenger, creating the “world’s best adopted cryptocurrency wallet.” Now, it’s ambiguous whether CEO Pavel Durov can deliver his decentralized eyes in the face of ascent authoritative analysis from the SEC.
Durov is appointed to affirm in Dubai for the SEC’s case Jan. 7 and 8.
