U.S. District Judge P. Kevin Castel, On April 1, replied to an inquiry filed by Telegram, said that the encrypted messaging platform will not distribute the tokens to participants in the 2018 initial coin offering (ICO) outside the United States. The Telegram was scheduled to issue its Gram tokens to ICO participants back in October 2019, but the US SEC filed a lawsuit against the company.
TON could carry on with the launch despite the court ruling.
The TON blockchain community has said that they could carry on the launch despite New York’s court ruling. Telegram representative Fedor Skuratov said that no one can prevent the launch of TON by any other entity, person, or community, because TON is a decentralized open-source solution.
Court unconvinced by Telegram’s promise to not to issue tokens to U.S. investors.
The New York court noted that Telegram failed to demonstrate how the safeguards would comprise lawful modifications to its 2018 Gram Purchase Agreements. The court remains unconvinced by the company’s claims that it could implement safeguards to prevent U.S-based investors from being able to access its Gram tokens. The U.S SEC had filed a lawsuit claiming that Telegram indulged in an unlawful ICO.
