In a letter to buyers, Telegram inspired buyers to view the United States Securities and Exchange Commission (SEC) listening to lately rescheduled for February as “a positive step.”
Cause for optimism
The letter, despatched on Oct. 19, briefly reassures buyers that the latest rescheduling of hearings till Feb. 18-19 is sweet information whereas sustaining that the corporate won’t be distributing Gram tokens till that point. In their very own phrases:
“Telegram views this development as a positive step towards resolving this matter through the court system in an expeditious manner, and we and our advisers will be using the time to ensure that Telegram’s position is presented and supported as strongly as possible at the February hearing.”
A conclusive choice?
Telegram’s argument has largely been that its Gram tokens don’t qualify as securities and thus don’t fall beneath the purview of the SEC. In the letter, the Telegram workforce anticipated the February hearings resolving this matter extra satisfactorily than the initially scheduled Oct. 24th listening to, writing:
“The February hearing is different from the one previously scheduled for October 24, because in the February hearing Telegram anticipates asking the court to rule on the core argument that Grams are not securities. The October 24 hearing, in contrast, was only to consider whether a delay should have been mandated, without conclusively resolving the core argument.”
The SEC and Telegram
This letter is simply the most recent in an intensive back-and-forth between the SEC and Telegram surrounding the launch of the latter’s Telegram Open Network and its related Gram tokens, the distribution of which was the topic of an SEC emergency motion on Oct. 11.
By deeming Gram tokens securities, the SEC labeled their sale within the U.S. — which netted roughly $1.7 billion — an unregistered safety providing and thus unlawful. Telegram responded with a submitting on Oct. 16, refuting the “emergency” nature of the SEC’s grievance and countering by criticizing the fee’s lack of motion within the previous 18 months throughout which they had been conscious of the approaching launch of TON.
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