Telegram Responds to Investors on SEC Action, Hearing Set for Oct. 24
Helen Partz's original article for cointelegraph.com reduced by 44%
Telegram Open Network developers responded to its investors after American regulators abruptly announced that its $1.7 billion token sale was illegal. "We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances, and we disagree with the SEC's legal position." In the letter, Telegram stated that they are continuing to assess the best ways to resolve the situation in the interests of relevant parties, including but not limited to evaluating whether to delay the launch date. After deeming Telegram's initial coin offering illegal, the SEC also filed a temporary restraining order, setting a court hearing in New York for Oct.
24. Following the news, New York Times tech reporter Nathaniel Popper tweeted on Oct. 12 to point out the involvement of high-profile investors in Telegram's $1.7 billion ICO, including Benchmark, Sequoia and Lightspeed.
Yesterday, a private Telegram channel for TON investors removed all previous posts and announced it will be taking a break amid the increased level of regulatory uncertainty. The SEC has been notably criticized for its lack of clarity regarding cryptocurrencies and ICOs.
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