The Telegram court hearing is delayed by the US Securities and Exchange Commission (SEC) as the latest cryptocurrency news show. As it stands, Telegram will have to wait to make its case and prove that its Gram (GRM) token is not a security.
According to the latest court filing that is now available on Scribd, the hearing on the case has been postponed until February 18 and 19 2020, and is pushed forward from an October 24 slot.
The judge who is hearing the case, named P. Kevin Castel, ruled that Telegram should not distribute its tokens before this date. As he also said in the altcoin news, this will not be until the court makes the decision on the case.
Earlier this week, Telegram committed to delaying the launch of the TON blockchain project (Telegram Open Network) and Gram issuance to the project and its investors until April 30, 2020 – so that it has time to deal with all the concerns pushed by the SEC. The Telegram court hearing is now officially delayed.
In a court filing and emails that were sent to TON investors, Telegram disagreed with the SEC that Grams are securities and expressed frustration over the agency and its late motion to halt the upcoming late October launch.
The court document reads:
” Upon the consent of the parties, it is ordered that Defendants shall not offer, sell, deliver, or distribute “Grams” to any person or entity, until the conclusion of the hearing scheduled by the Court for February 18and 19, 2020 (“Hearing”), except upon further order of the Court or agreement of the parties. At the Hearing, any party may move the Court for the continuation or dissolution of this Order.“
As it shows, the Telegram court hearing is ordered as “delayed” and shows that “either party may conduct expedited discovery as ordered by Paragraph IV of the OSC without the requirement of a meeting pursuant and without regard to the time limitations.”
On October 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 re-scheduled for October 24.
As it postponed the Telegram court hearing, Telegram also offered investors the chance to approve the date chance – and added that if the majority of Gram holders disagree with the delay, they will receive 77% of their investments back.
The post Telegram Court Hearing Delayed By SEC Till Next Year appeared first on DC Forecasts – Leading Digital Currencies.