The team of Pavel Durov is supposed to solve all the problems with the SEC within six months to a year. The launch of the Telegram Open Network (TON) may be postponed for such a period, Forbes reports with reference to project investors.
The decisive factor will be the outcome of the hearing scheduled for October 24 in the court of the Southern District of New York. On it, the SEC will explain why it considers the Gram cryptocurrency a security, and TON representatives will present the rationale for lifting the temporary ban on the distribution of coins.
Up to this point, there will be no official statements, sources said.
The TON investigation is being conducted by Daphne Waxman, Morgan Ward Doran, and John Enright, known to the Block.one community.
On October 11, the SEC through a federal court achieved a temporary ban on the distribution of Gram cryptocurrency among investors. The agency believes that the asset is a security, and Telegram violated US law during the ICO.
Durov disagrees with the position of the SEC, but the postponement of the project is considered among possible solutions.
In contracts with investors, the launch deadline indicated October 31, but a clash with regulators is supposedly treated as force majeure along with a natural disaster. Such an interpretation may allow Durov not to return funds in the event of a delayed launch.