Telegram counter-attacks the SEC on its GRAM token offer!
Telegram does not let it go and counter-attacks the SEC on its GRAM token offer that is not an ICO stated the Russian messenging application in its appeal against the recent filing by the SEC.
The SEC filed a lawsuit the other day against Telegram to stop the GRAM token and its ICO deemed illegal.
Telegram immediately expressed its surprise, saying it tried to contact the SEC for months without any response from them.
The Securities and Exchange Commission (SEC) finally suing Telegram for its ICO GRAM deemed illegal for selling tokens to US citizens without registering its token sale or ICO with the US authorities.
Telegram said it plans to postpone the launch of its Telegram Open Network (TON) blockchain project and its GRAM token to settle the dispute with the SEC.
Telegram is therefore retaliating against the SEC, the messenging application filed an application on October 16, 2019 requesting the US District Court for the Southern District of New York to dismiss the preliminary injunction application filed by the Securities and Exchange Commission (SEC).
In addition, the company has applied to the court for an order maintaining the status quo with respect to the offer, sale or distribution of GRAM.
Telegram notably states this with respect to its GRAM token offer which would be an illegal ICO:
“Unlike other digital assets offered to the general public through so-called initial offers (ICOs), Telegram has never offered security to the public through an ICO.”
Telegram therefore goes against the SEC by stating that its GRAM token offer was not an ICO as claimed by the SEC.
Telegram denouncing the attitude of the SEC who waited until the last moment to file a lawsuit against its GRAM token offer and its TON blockchain (Telegram Open Network).
It recalls that for 18 months, they contacted the SEC unsuccessfully and that the SEC knew very well that in case of a canceled launch of TON, Telegram should refund investors as provided by contract.
“Although the SEC has known for 18 months that if the TON channel chain was not launched before October 31, 2019, Telegram would be obliged, under its agreements with private buyers, to return the funds raised, the SEC ( i) never asked Telegram to postpone the launch of the TON channel chain; (ii) never informed Telegram of its intention to seek injunctive relief; and (iii) waited until the eleventh hour to file an ex parte application to prevent the launch of Telegram. ”
For Telegram, the SEC’s action was well planned, only to force Telegram to cancel the launch of its TON blockchain and GRAM token.
Remember also that the GRAM token will be a direct competitor of Facebook’s cryptocurrency Libra.
Telegram who was planning to launch its GRAM token before Libra to get ahead of its American rival!
It will therefore be necessary to await the court’s decision on Telegram’s request to stop the Securities and Exchange Commission’s (SEC) preliminary injunction application.
