22 October 2019, 21:10
2 min reading
If you are among the thousands of Crypterium users that have reserved Gram tokens in the app, then you’re likely wondering how this SEC scandal affects you. Wait a second… haven’t you heard about the power show the U.S. authorities are pulling off this time? Okay. Let’s take a moment to get you up to
If you are among the thousands of Crypterium users that have reserved Gram tokens in the app, then you’re likely wondering how this SEC scandal affects you. Wait a second… haven’t you heard about the power show the U.S. authorities are pulling off this time?
Okay. Let’s take a moment to get you up to speed. As you probably already know, Telegram was planning to launch the Telegram Open Network (TON) on Oct 31, 2019. In fact, the company had announced that everything was on track to meet the deadline.
However, the SEC showed up with an emergency restraining order to halt the launch of TON on Oct 11. Initially, the hearing at the Southern District Court of New York was set for Oct 24.
This issue was clearly posing a challenge for Telegram, but the game was still on. Yet, the hearing on the case was finally postponed until Feb 18–19, 2020.
Telegram has already made clear its position on this matter. Following the SEC subpoena, the company filed a response saying that it “did not … offer any securities to the public” through an Initial Coin Offering, referring to the $1.7 billion raised in 2018.
“The grams themselves, as distinct from the purchase contracts, will merely be a currency or commodity (like gold, silver or sugar) — not a ‘security’ — once the TON Blockchain launches.”
Anyhow, the honorable judge hearing the case, P. Kevin Castel, considered that Telegram is not entitled to distribute its tokens before the hearing, until the court makes its mind on the case.
With that new date into account, Telegram delayed the launch of the TON blockchain and gram issuance until Apr 30, 2020, so it can deal with the SEC concerns in the meantime.
A delay doesn’t mean the tokens are not coming. In other words, we are keeping our promise on delivering the Gram tokens in full once the issuance takes place.
For operational reasons, we estimate the delivery of Gram tokens to Crypterium users will become effective in less than 30 days after the launch of the Telegram Open Network.
As previously stated, this delay in the project isn’t more than that — a delay. So the answer is yes, you are still on time to reserve Gram tokens on the Crypterium Wallet at a fixed rate (€4.20). The reserved amount will be displayed in your balance immediately.
If you have additional concerns about your Gram reservation, reach out to our 24/7 support team via in-app chat or dropping us a message at firstname.lastname@example.org