SEC lawsuit against Telegram postponed to next year

The hearing of the SEC lawsuit against Telegram has been postponed to February next year. It was originally scheduled for October 24th.

Recall that in the middle of the month, the SEC blamed
Telegram has illegally held an ICO and imposed a restriction on the sale and distribution of Gram tokens, considering that holding this ICO violates US laws.

A hearing on the SEC lawsuit against Telegram was scheduled for October 24, however, according to new court documents, the hearing was adjourned until February 18-19, 2020. Examining Judge Kevin Castel ruled that Telegram should not distribute its tokens until this date, and before the court decides on the case.

Telegram pledged earlier this week.
postpone the launch of the TON blockchain and the issue of Gram tokens for project investors until April 30, 2020, in order to resolve all problems with the SEC. Investors participating in the second round of fundraising must give an answer before October 23.

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If the majority refuse the new conditions, they will be returned “about 77%” of the funds invested by them. Investors of the first round were sent a separate message. If both parties agree to extend the launch date, the company plans to spend another $ 80 million by April 30.

In addition, Telegram appealed
to the US Federal District Court with a request to dismiss the SEC lawsuit for a temporary ban on the sale of Gram tokens due to the fact that they do not constitute securities.