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SEC's Court Hearing on Telegram Token Delayed Till Next Year
The messaging app company and the SEC will now meet next February to debate the regulator's claim the gram token is a security.
Telegram will have to wait to make its case to the U.S. Securities and Exchange Commission (SEC) that its "gram" token is not a security.
According to the latest court filing (see below), the hearing on the case has been postponed until Feb. 18–19, 2020, pushed forward from an Oct. 24. slot.
STORY CONTINUES BELOW
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The judge hearing the case, P. Kevin Castel, ruled that Telegram should not distribute its tokens before that date, and not until the court makes its decision on the case. Earlier this week, Telegram committed to delaying the launch of the TON blockchain project and gram issuance to the project's investors until April 30, 2020, so it had time to deal with the SEC's concerns.
In a court filing and emails to TON investors, Telegram disagreed with the SEC that grams are securities, expressing frustration over the agency's late motion to halt the upcoming late October launch.
On Oct. 11, the SEC has obtained an emergency restraining order to halt the launch of TON. The hearing at the Southern District Court of New York was then scheduled for Oct. 24.
As it postponed the launch, Telegram further offered investors the chance to approve the date change, adding that if the majority of gram holders disagree with the delay, they will receive 77 percent of their investment back.
Telegram Hearing Rescheduled by CoinDesk on Scribd
SEC image via Shutterstock
Anna Baydakova
Anna writes about blockchain projects and regulation with a special focus on Eastern Europe and Russia. She is especially excited about stories on privacy, cybercrime, sanctions policies and censorship resistance of decentralized technologies. She graduated from the Saint Petersburg State University and the Higher School of Economics in Russia and got her Master's degree at Columbia Journalism School in New York City. She joined CoinDesk after years of writing for various Russian media, including the leading political outlet Novaya Gazeta. Anna owns BTC and an NFT of sentimental value.
