In a letter to traders, Telegram inspired traders to view the US Securities and Change Fee (SEC) listening to not too long ago rescheduled for February as “a good step.”
Motive for optimism
The letter, despatched on Oct. 19, in brief reassures traders that the new rescheduling of hearings till Feb. 18-19 is excellent news whilst keeping up that the corporate might not be distributing Gram tokens till that point. In their very own phrases:
“Telegram perspectives this construction as a good step against resolving this topic during the courtroom device in an expeditious means, and we and our advisers will probably be the use of the time to make sure that Telegram’s place is gifted and supported as strongly as conceivable on the February listening to.”
A conclusive determination?
Telegram’s argument has in large part been that its Gram tokens don’t qualify as securities and thus don’t fall below the purview of the SEC. Within the letter, the Telegram group expected the February hearings resolving this topic extra satisfactorily than the firstly scheduled Oct. 24th listening to, writing:
“The February listening to isn’t like the only up to now scheduled for October 24, as a result of within the February listening to Telegram anticipates asking the courtroom to rule at the core argument that Grams don’t seem to be securities. The October 24 listening to, against this, used to be most effective to imagine whether or not a extend will have to were mandated, with out conclusively resolving the core argument.”
The SEC and Telegram
This letter is solely the most recent in an intensive back-and-forth between the SEC and Telegram surrounding the release of the latter’s Telegram Open Community and its related Gram tokens, the distribution of which used to be the topic of an SEC emergency motion on Oct. 11.
By way of deeming Gram tokens securities, the SEC classified their sale within the U.S. — which netted kind of $1.7 billion — an unregistered safety providing and thus unlawful. Telegram spoke back with a submitting on Oct. 16, refuting the “emergency” nature of the SEC’s criticism and countering by means of criticizing the fee’s loss of motion within the previous 18 months right through which they had been conscious about the approaching release of TON.
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