Telegram, the most popular messenger in the crypto community, is facing challenges surrounding the launch of its TON blockchain. Following an intervention by the U.S. securities regulator, a court hearing on the sale of the native gram tokens is scheduled to take place a week before the network was expected to go live.
According to the commission, which deems Grams to be securities, Telegram has violated federal securities laws by offering the tokens without registration statements that would inform the public about its business operations, financial condition, risk factors, or management.
“We have repeatedly stated that issuers cannot avoid the federal securities laws just by labeling their product a cryptocurrency or a digital token.” - said Steven Peikin, co-director of the SEC’s Division of Enforcement.
A few days ago, the SEC demanded a ban on the release of Gram and secured the suspension of the ICO, under which $1.7 billion was already raised. Now Telegram can not sell or distribute its tokens in the United States.
On Oct. 16, Telegram told investors that it wants to push back the deadline to April 30, 2020. The telegram states that moving the deadline requires the permission of holders of a majority of purchase amounts paid to Telegram regarding the Stage A purchase agreements.