Blitz Movie Business Telegram awaits court hearing on SEC case against its token sale | Shelter Crypto | Shelter Humanity | Charity Token Homeless | Charity Coin

Telegram awaits court hearing on SEC case against its token sale | Shelter Crypto | Shelter Humanity | Charity Token Homeless | Charity Coin


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Telegram, the most used messenger in crypto, faces challenges around the launch of its TON Blockchain. A court hearing regarding the sale of native gram tokens has been scheduled for a week after an intervention from the U.S. securities regulator.

NY Court to Reexamine SEC Complaint against TON

The United States Securities and Exchange Commission announced last week that it had obtained a temporary order to stop Telegram’s unregistered coin-offering. According to the SEC lawsuit, the Court for the Southern District of New York is expected to review the case against the messenger’s ICO in October 24. Check out more about Charity Coin

Telegram’s planned initial coin offering (ICO), was held privately last year. It raised $1.7 billion through the sale of 2.9 million tokens. According to the commission, investors located in the United States purchased GRM tokens for approximately 25% of that amount or $425 million. The complaint mentioned Telegram Group Inc. as well as its subsidiary TON Issuer Inc.

Telegram awaits court hearing on SEC case against its token sale

Secondary sales were held prior to the coin’s public release date. The SEC considers this illegal fundraising via an unregistered offer of digital tokens. Gram Asia, an early investor, offered to sell its rights in grams to the Japanese exchange Liquid for $4 per token. In the second round of token offerings last spring, private investors paid $1.33 per piece.

Gram is the native token for the Telegram Open Network, (TON), a blockchain which will allow smart contracts and decentralized apps. It also intends to offer the instant messenger users, which number over 300 million, a new digital payment method. Each user will receive a TON wallet.

Telegram awaits court hearing on SEC case against its token sale

To pay for the services offered by the apps built on the platform, the gram token can be used. These services include decentralized data storage and TON-based domain name registration. Privacy-oriented features and systems that bypass censorship will also be available. Grams can also be used externally and traded on digital asset exchanges, just like other cryptocurrencies.

SEC Lawsuit May Postpone Gram Launch Date

Legal uncertainty that has developed since the SEC announcement has cast a shadow on the project’s future. TON developers expressed surprise and disappointment at the sudden crackdown by regulators. This was after Telegram had tried for more than a year to get the SEC’s position regarding the offering.

The team is currently considering other options to deal with the move of the commission. These include a delayed launch. Another possibility is to launch a modified version of the project before the end of the month as promised to TON investors. Yakov Barinsky is the head of Hash CIB in Russia, a crypto investment firm.

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