Telegram should hold back to present its defense to the U.S. Securities and Exchange Commission (SEC) that its “gram” token isn’t a security.
As per the most recent court filing, the hearing into the issue has been deferred until February 18–19, 2020, pushed forward from an October 24 schedule.
P. Kevin Castel, the judge hearing the case, decided that Telegram must not launch its tokens before the hearing, and not until the court settles its decision on it. Recently, Telegram focused on deferring the introduction of the TON blockchain venture and gram issuance to the project’s investors until April 30, 2020, so it had the opportunity to manage the SEC’s concerns.
In a court filing and messages to TON investors, Telegram couldn’t help contradicting the SEC that grams are securities, communicating disappointment over the office’s late motion to stop the upcoming late October launch.
On October 11, the SEC has gotten an emergency restraining order to halt the release of TON. The hearing at the Southern District Court of New York was then slated to be held on October 24.
As it deferred the launch, Telegram further offered investors the opportunity to favor the date change, including that if most of the gram holders disagree with the postponement, they will get 77 percent of their venture back.