Telegram’s TON launch in jeopardy due to the SEC

The launch of Telegram Open Network (TON) may be delayed due to the recent actions of thee Securities and Exchange Commission (SEC). On Friday, October 11, the US regulator file da complaint to the court and obtain a restriction order to prevent the company from distributing GRAM tokens on the territory of the USA.

Telegram disagrees with the decision of the regulator; however, the company sent letters to investors explaining the steps it was going to take to remove the restriction, according to Bloomberg's report. A delayed network launch is one of the options under consideration.

“We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances,” the company wrote in the letter.

It is worth noting, that in accordance with the investor agreement the network should be launched until October 31, otherwise the company will have to return the funds to investors. 

Also, TON Board, a private Telegram-channel for the investors deleted all the previous messages and promised to get back online once the situation clarified.

Due to the increased level of regulatory uncertainty, we take a break to analyze new information and adapt our policies.

«TON Board will be with you again once we have more clarity on the legal status of the TON and Gram as well as the permitted type of analysis that may be published on them. We are looking forward to sharing more information with you as soon as it’s possible,» the message reads.