SEC Action, Telegram Responds to Investors
TON (Telegram Open Network) has been trying to get feedback from the SEC (Securities and Exchange Commission) of the United States for 18 months now. And this is about the TON blockchain and how it does not agree with the recent action.
In addition to that, TON developers gave a response to its investors. And this happened after American regulators abruptly reported its $1.7 billion token sales became illegal.
The Ton letter stated, “We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances.”
The letter also showed how the firm disagrees with the legal position of the SEC.
Moreover, the company assured them they are assessing further the best possible ways to resolve the situation. Of course, in the interest of the relevant parties. And this includes, but not limited to, evaluating if they would delay the launch date.
The SEC deemed Telegram’s initial coin offering (ICO) illegal. After that, it filed a temporary restraining order, which set a court hearing in New York for October 24.
Then, Nathaniel Popper, New York Times tech reporter, tweeted on October 12 to indicate the involvement of high-profile investors in Telegram’s $1.7 billion ICO. And it includes Benchmark, Sequoia, and Lightspeed.
Popper wrote, “The SEC’s move to shut down Telegram’s crypto project raises questions about the big venture capital firm that gave it $1.7 billion and convicted themselves that it would pass regulatory muster.”
Previously, a private Telegram channel for TON investors got rid of all posts from the past. Also, it declared that it would take a break amid the heightened level of regulatory uncertainty.
Crypto Market: Bitcoin Bounced
On Sunday, Bitcoin (BTC) further bounced around the $8,400 price mark. On the other hand, most of the top-20 coins by market capitalization showed little gains.
Aside from that, crypto markets are seeing slight gains — most within a tight range of 1-2%. Binance Coin (BNB) is the one who stood out the most and is boosting over 7.5%.
