The United States District Court for the Southern District of New York has postponed the listening to concerning the Securities and Exchange Commission’s (SEC) injunction submitting towards Telegram Open Network (TON) and its Gram token to Feb. 18–19, 2020.
As Cointelegraph reported lately, following Telegram’s counterclaim on Oct. 16, the place the agency argued that its native crypto isn’t a safety and the preliminary injunction must be denied, the SEC has responded with a brand new submitting within the New York Court on Oct. 17.
Court listening to postponed to 2020
According to a TRO filed on Oct. 11, Telegram ought to have been at a court docket listening to in New York on Oct. 24. Yet the newest court docket order states that the listening to shall be held on Feb. 18–19, 2020:
“IT IS ORDERED that Defendants shall not offer, sell, deliver, or distribute “Grams” to any individual or entity, till the conclusion of the listening to scheduled by the Court for February 18 and 19, 2020 (“Hearing”), besides upon additional order of the Court or settlement of the events. At the Hearing, any get together could transfer the Court for the continuation or dissolution of this Order.”
Recently, the SEC has claimed that not solely did Telegram violate the U.S. securities legal guidelines throughout its preliminary coin providing (ICO), nevertheless it is also in search of a preliminary injunction to forestall Telegram from additional violations.
The SEC said that Telegram’s proposal to disclaim the injunction would permit them to proceed to violate laws after 5 months, and put the burden on the SEC to hunt one other short-term restraining order.
The SEC intervened simply earlier than TON’s launch
The SEC has introduced an emergency motion towards Telegram on Oct. 11, simply weeks earlier than the deliberate launch of the Telegram Open Network.
Telegram requested a U.S. court docket to disclaim the motion, prompting a response from the SEC in search of a preliminary injunction.
While Telegram has proposed to postpone the launch of TON, a “force majeure” clause within the buy settlement for TON’s native Gram tokens has made traders involved that Telegram may abandon its obligations to return funds from Gram token gross sales within the occasion of a delay.
Telegram traders should determine whether or not to increase the TON launch by Oct. 23. Should such a proposal cross, TON would tentatively launch on April 30.