The messaging app, Telegram announced to investors that it is taking a break after a recent red flag from American regulators. SEC files temporary restraining order against Telegram’s ICO launch.
The move comes after the abrupt announcement by the Securities and Exchange Commission (SEC) that the $1.7 billion token sales of Telegram in 2018 was illegal.
According to the media report, the company sent a letter to its investors, stating that it is discussing ways to overcome the SEC’s temporary restraining order, which includes postponing the scheduled launch.
For the past 18 months, the company has received input from the U.S. Securities and Exchange Commission (SEC) on the TON project, and is not in agreement with the recent action.
It wrote: Global Exchange
“We were surprised and disappointed that the SEC in these circumstances chose to go to court, and we do not agree with its legal position.”
The firm assured investors that the TON Board would update once they have more clarity on the legal status of the TON and Gram.
Telegram raised USD 1.7 billion in two of Gram’s private sales, with much of the investment reportedly coming from individuals and businesses in the United States.
The SEC filed a temporary restraining order, setting a court hearing in New York for Oct. 24 after declaring Telegram’s initial coin offering (ICO) illegal.
The SEC has recently been criticized for its lack of clarity concerning cryptocurrencies and ICOs- Global Exchange.
The regulatory authority announced this just weeks before the much-anticipated TON launch scheduled in late October, as was anticipated by the firm.
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The move comes after the abrupt announcement by the Securities and Exchange Commission (SEC) that the $1.7 billion token sales of Telegram in 2018 was illegal.
According to the media report, the company sent a letter to its investors, stating that it is discussing ways to overcome the SEC’s temporary restraining order, which includes postponing the scheduled launch.
For the past 18 months, the company has received input from the U.S. Securities and Exchange Commission (SEC) on the TON project, and is not in agreement with the recent action.
It wrote: Global Exchange
“We were surprised and disappointed that the SEC in these circumstances chose to go to court, and we do not agree with its legal position.”
The firm assured investors that the TON Board would update once they have more clarity on the legal status of the TON and Gram.
Telegram raised USD 1.7 billion in two of Gram’s private sales, with much of the investment reportedly coming from individuals and businesses in the United States.
The SEC filed a temporary restraining order, setting a court hearing in New York for Oct. 24 after declaring Telegram’s initial coin offering (ICO) illegal.
The SEC has recently been criticized for its lack of clarity concerning cryptocurrencies and ICOs- Global Exchange.
The regulatory authority announced this just weeks before the much-anticipated TON launch scheduled in late October, as was anticipated by the firm.
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