The messenger Telegram has filed an appeal against the decision of the court of the southern district of new York to ban the planned distribution of tokens Gram.
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Before judge Kevin Church agreed with the arguments of SEC that Telegram had sold unregistered securities and issued a verdict in favor of the regulator. The defendants appealed to the US court of appeals for the second circuit.
SEC in October last year filed a lawsuit that accused the company of Telegram and TON Group Issuer Inc in violation of the securities Act. The regulator demanded perpetual injunction on the activities of the project and the decision to return the money to investors.
Because of the trial run blockchain-platform Telegram Open Network (TON) was moved from October 31 to April 30, 2020.
Lawyers Telegram attempted to seek the court’s rejection of the claim of the SEC, removing Gram under the definition of securities, but to no avail.
From the Telegram remained the possibility of appeal, a decision of judge Church’s decision than a company and have used. However, some experts believe that the chances of success a little faster will have to return funds to investors TON. Others suggest that the SEC may ultimately be limited to a fine, and the company will continue the implementation of the project.