The developers of the Telegram Open Network and its corresponding TON token have responded to investors with a letter after the United States Securities and Exchange Commission (SEC) abruptly announced last week that the $1.7 billion ICO that the project held last year was an “unregistered, ongoing digital token offering.”
According to the letter, which was obtained by U.Today, Telegram has been attempting to solicit feedback from the SEC on the TON project for the past 18 months, and that “we were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances.”
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“We disagree with the SEC’s legal position,” the letter says.
Telegram continued to say that it is in the process of assessing how to resolve the situation, and as such, is considering delaying the launch of the TON token: “we are continuing to evaluate the best means by which to resolve the situation in the interests of relevant parties, including but not limited to assessing whether to seek to delay the launch date,” the letter said.
The TON Board Channel on Telegram announced on Saturday, October 12th, removed all its previous posts and announced that it would be “taking a break” in the face of the regulatory uncertainty that it is currently facing.
Ohtamaa said that, given the timing of the complaint, it seems that the “SEC [is trying] to stop the train on [the] last minute before it leaves the station.” However, in his opinion, “Telegram does not give a piss.”