ambcrypto.com
Messaging giant Telegram has filed a response to the United States’ SEC after being slapped with an emergency restraining order earlier this week with regards to its controversial TON project. The SEC‘s action has delayed its launch, which was originally supposed to happen by the end of this month.
The filed response urges the Federal Court to deny the regulator’s request for a preliminary injunction. According to Telegram Founder Pavel Durov, such an action could be misconstrued by both investors and the general public. Telegram’s response to the Securities and Exchange Commission said,
“Telegram submits that there is no need for the Court to enter a preliminary injunction, which has the potential to be misconstrued by Telegram’s private placement subscribers and the public in this highly-publicized matter, where Telegram has already voluntarily agreed not to engage in the very conduct that the SEC is seeking to enjoin.”
Telegram claimed that the SEC has falsely identified its Gram tokens as securities, and that they are not subject to securities laws in the United States. Telegram also pleaded that it has complied with and cooperated with regulators prior to the lawsuit, providing all requested documents, emails and conversations. The messaging giant’s response follows the SEC’s public statement which said that it plans to further engage with digital asset technology developers.
Earlier this year, Telegram’s ICO had raised an incredible $1.7 billion, assuring the community that the TON project would launch by October 31, 2019 at the latest. Later however, the messaging company postponed the project launch to April 2020.