Russian news outlet Tass reported that the US Security Exchange Commission had asked the Federal court not to deny its request for a preliminary injunction against the encrypted messaging giant. In its filing on October 16, Telegram had claimed that its cryptocurrency and Gram is not a security, and the court should deny SEC’s request for halting the issuance of tokens.
According to the Telegram’s ICO documents, Telegram was supposed to issue the tokens on October 31. Last week SEC obtained an order to halt Telegram from doing so. SEC has alleged that the messaging giant’s ICO was unlawful as they did not register with the SEC.
A clause on Telegram’s document has saved them from forfeiting the funds back to investors in case of any regulatory delays. Telegram informed its investors that the launch of a much-anticipated TON network would be postponed to April 20 of next year. The company also informed that if investors don’t wish to continue, they can get 77% of their funds back. SEC called this five-month postponement unacceptable.