Telegram management agreed to transfer part of the Telegram Open Network crypto project documentation to the Exchange and Securities Commission. The corresponding decision was confirmed in the press center of the American regulator. Pavel Durov also noted that he was ready to provide data on the placement of Gram in 2018.
Telegram Open Network Case Continues
“The issue of issuing Telegram Open Network tokens remains open, because so far Pavel Durov and his team have not provided documentation on the ICO, but only promised to do it. We hope that we can find a common language and resolve the issue, since the case is still pending before the court, ”the SEC press center said in a statement.
Durov previously stated that he was ready to fully compensate the damage to all investors in Gram tokens if the proceedings with the regulator drag out. On May 7, the Free TON platform was launched, to which Telegram formally has nothing to do. Pavel Durov himself, who was forbidden by the US authorities to participate in such projects until the end of the proceedings with the SEC, did not participate in the start of the blockchain. Many experts note that without a messenger audience, a distributed registry may turn out to be niche products with minimal activity indicators. To join the project, it is necessary to sign the so-called “Declaration on Decentralization”. It is noteworthy that US citizens are not allowed to Free TON.
The platform also released TON tokens, which have nothing to do with Gram. 85 percent of the coins will be distributed among users. It is also planned to use part of the tokens as a reward for the referral program. Coins can be obtained for attracting new users. TON entitles you to participate in the discussion of the development strategy and blockchain management. Pavel Durov has not yet commented on the start of the project.
Documents, most of which are agreements between Gram and Telegram buyers, must be submitted by May 20. The company should also disclose all data on financial transactions and interaction with banks.
Telegram management noted that it does not abandon the idea of launching its own digital currency. The suspension of the ICO at the initiative of the SEC will also be challenged in court. So far, none of the investors who invested in Gram tokens has requested a return from the Durov team. The head of Telegram himself did not rule out the possibility of automatically exchanging coins for real money at their starting cost, which will allow for an ICO according to the rules provided by the regulator.