Telegram, which was hit with a last-minute restraining order on the sale of its tokens in the United States, is as of current ready to delay the launch of its network until the spring of 2020. The company has made it open to the New York Court that is, as of current reviewing the case, that it can manage to suspend all operations will Gram until all the legalities and issues surrounding the network are resolved.
The lawyers who represent the telegram group and its wholly-owned subsidiary TON Inc. have filed documents containing their client’s proposal to the district court for the Southern District of New York, as reported by Tass. The entities behind the telegram open network have also made it clear that the disagreement with some of the demands put forward by the US securities and exchange commission are worth looking into.
On October 11, the regulator made the announcement that it had obtained a temporary restraining order for telegram’s initial coin offering. The court is set to conduct a hearing on the case as of October 24 due to the legalities that are surrounding the issue. Prior to the SEC filing its lawsuit against the telegram open network, the platform was scheduled to launch by the end of October 2019. The court has already satisfied some of the SEC’s demands regarding telegram’s plans.
The regulator insists that the messaging platform held an unregistered offering of TON native GRM tokens. Into private sales that were conducted between January and March 2018, it is alleged that telegram sold the rights to 2.9 billion coins to about 171 investors cutting across the globe for a neat sum of USD 1.7 billion.
The total includes a billion tokens that were bought by 39 US residents for about USD 424.5 million. As of current, telegram has proposed to halt the sale and transfer of its cryptocurrency for a period of five months to give the court enough time to resolve the legalities surrounding the network. In the recent filing, it also announced its commitment to inform the securities and exchange commission 30 days prior to starting any operations with the Gram tokens.
Telegrams petition to the District Court points that over the past 18 months the company did voluntarily cooperate with the commission and as such requested its feedback regarding the launch of the telegram open network and Gram. its developers are even insisting that they did introduce certain changes to the blockchain platform to address some of the concerns that were expressed by the regulator.