Telegram has yielded to the US Securities and Replace Commission over the sale of its Gram tokens, for now.
In step with a court filing submitted earlier this week, Telegram has agreed to discontinue promoting its Gram tokens.
“Telegram has agreed to stipulate that this can no longer fabricate any gives, sales, or deliveries of its anticipated cryptocurrency, known as “Grams,” in confide in retain the gap quo until this Court can unravel the supreme factors at the center of the matter,” the doc reads.
Telegram continues to disagree with the SEC over whether its Gram token is a security. As such, it says the SEC shouldn’t be ready to query it to create paperwork about its blockchain undertaking.
The cross comes essentially based totally on the SEC’s query for Telegram to enter into a preliminary injunction which would discontinue the messaging app from promoting its tokens.
By voluntarily ceasing the sale and distribution of Gram tokens, Telegram says the injunction is no longer any longer required. As such, it’s asking the court to disclaim the SEC‘s motion for an injunction.
With all that acknowledged, it seems to be as if messaging app‘s token start obtained’t follow its alleged time desk. In August, Telegram promised to originate turning in the main batches of the Gram tokens to merchants by October 31.
By voluntarily halting the distribution of its token, Telegram silent has a bit administration over how it goes to recommence its plans. If an injunction had been to be imposed, it can maybe well perhaps blow a detrimental pickle-back to Telegram’s plans.
H/T – CoinDesk
Revealed October 18, 2019 — 08:18 UTC