Highlights:
- Telegram has been asked to testify by a US Judge
- Previously Telegram complained about the case by the SEC
- Telegram still proclaims that its TON token is not a security
Previously, The SEC filed an ‘emergency action’ to stop Telegram distributing tokens to investors, giving Telegram no choice but to comply and consider their next moves. This put the plan of Telegram on hold, as they timeline said they were to distribute the tokens starting 2020.
Telegram had reverted to this allegation previously that the ICO which pulled in $1.7 billion involved foreign purchasers, and the SEC has no jurisdiction over those forms of financing. As for any US buyers, Telegram claims private placements are exempt from oversight, unlike retail and mass offerings.
A Judge in the US kept this reply aside and has asked the top level management, CEO Pavel Durov and Vice President Ilya Perekopsky, to testify before the court on a date yet to be finalized.
In response, “Telegram has agreed to stipulate that it will not make any offers, sales, or deliveries of its expected cryptocurrency, called ‘Grams,’ in order to maintain the status quo until this Court can resolve the legal issues at the heart of the matter”