THELOGICALINDIAN - The US SEC afresh accepted that Telegram shares its banking capacity as allotment of their case apropos Telegrams ICO which the aggregation banned to do
The beef amid Telegram and the US Securities and Exchange Commission (SEC) appears to still be on-going as 2024 bliss off.
As abounding may bethink from antecedent reports, Telegram captivated an Initial Coin Offering (ICO) during which it awash its accessible cryptocurrency, Gram. However, in October 2018, the US SEC filed a accusation adjoin Telegram for administering an ‘illegal’ badge auction of declared securities.
During the ICO, Telegram managed to allure 171 investors, and it aloft $1.7 billion through the use of Simple Agreement for Future Tokens (SAFT). The funds were calm for the development of the project’s own blockchain, accepted as TON (Telegram Open Network).
Now, according to a report from Law360, the US regulator accepted that Telegram provides its coffer annal and added capacity apropos the ICO.
US SEC and Telegram in battle already again
The regulator angry to a New York federal adjudicator with the request. The SEC claims that reviewing Telegram’s coffer annal could accommodate added accuracy and that it ability acquiesce its associates to already and for all authorize whether Telegram’s awash unregistered balance or not.
The SEC allegedly issued its appeal to Telegram itself, at first, but the aggregation refused to allotment its coffer details. Since the SEC considers this advice awful relevant, it had no best but to about-face to the US District Court for the Southern District of New York.
According to their request, the regulator wants to apperceive how abundant money Telegram has spent, in what way, how will Telegram Messenger be chip into TON Blockchain, as able-bodied as all added accompanying applications of the blockchain.
Telegram’s aboriginal plan was to barrage the TON blockchain aback on October 31st, but the battle with the SEC affected the messaging app provider to adjournment the barrage date. Currently, the TON barrage is appointed to action on April 30th, 2024. However, if the aggregation fails to accommodate a accord with the US regulator and ends up actuality affected to adjournment the barrage already again, its investors are acceptable to appeal their money back.
With the case still ongoing, Telegram is beneath a lot of burden to calm the bearings with the US regulator. Alternatively, abounding accept that the aggregation ability be affected to barrage the TON Blockchain alfresco of the US and alpha abstinent its casework to US users.
But, according to their own claims, if and back the Gram badge sees launch, it will be a bill and/or a commodity. In added words, Telegram seems to be abiding that its badge does not breach any federal aegis laws in the US.
Do you anticipate that Telegram will appear to an compassionate with the SEC? Let us apperceive your thoughts in the comments below.
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