The United States District Court for the Southern District of New York has postponed the hearing regarding the Securities and Exchange Commission's injunction filing against Telegram Open Network and its Gram token to Feb. 18-19, 2020.
As Cointelegraph reported recently, following Telegram's counterclaim on Oct. 16, where the firm argued that its native crypto is not a security and the preliminary injunction should be denied, the SEC has responded with a new filing in the New York Court on Oct. 17.Court hearing postponed to 2020.
According to a TRO filed on Oct. 11, Telegram should have been at a court hearing in New York on Oct. 24.
"IT IS ORDERED that Defendants shall not offer, sell, deliver, or distribute"Grams" to any person or entity, until the conclusion of the hearing scheduled by the Court for February 18 and 19, 2020, except upon further order of the Court or agreement of the parties.
Recently, the SEC has claimed that not only did Telegram violate the U.S. securities laws during its initial coin offering, but it also is seeking a preliminary injunction to prevent Telegram from further violations.
The SEC stated that Telegram's proposal to deny the injunction would allow them to continue to violate regulations after five months, and put the burden on the SEC to seek another temporary restraining order.
The SEC has announced an emergency action against Telegram on Oct. 11, just weeks before the planned launch of the Telegram Open Network.
Telegram asked a U.S. court to deny the action, prompting a response from the SEC seeking a preliminary injunction.
While Telegram has proposed to postpone the launch of TON, a "Force majeure" clause in the purchase agreement for TON's native Gram tokens has made investors concerned that Telegram could abandon its obligations to return funds from Gram token sales in the event of a delay.
Telegram investors must decide whether to extend the TON launch by Oct. 23.
NY District Court Postpones Telegram's TON Hearing to 2020
Publicado en Oct 19, 2019
by Cointele | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.