According to a May 12 message from Telegram CEO Pavel Durov, the company is resigning from the Telegram Open Network and GRAM tokens after a long battle with the U.S. Securities and Exchange Commission (SEC).
After announcing the TON network and the Gram token in 2017, Telegram is now officially ending its participation in the project, said Durov.
Telegram agrees to hand over its ICO documents to the SEC
U.S. Court Breaks Sovereignty of Global Jurisdictions, Durov Argues
In the publication, called „What Was TON and Why It’s Over,“ Telegram’s CEO said they made the decision in response to a U.S. court that prohibited Telegram from distributing its Gram tokens anywhere in the world. Durov wrote:
„The U.S. court declared that GRAMS tokens could not be distributed not only in the United States, but worldwide. Why? Because, he said, a U.S. citizen could find some way to access the TON platform after its launch. Therefore, to avoid this, Grams should not be allowed to be distributed anywhere in the world, even if every other country on the planet seemed to be perfectly fine with TON.
In the post, Durov explicitly criticized the participation and efforts of the U.S. government to avoid launching a project based on the principles of decentralization promoted by blockchain explorer The News Spy, Bitcoin Trader or ig, what is pending close on Bitcoin Profit, buy xrp on Bitcoin Circuit, Bitcoin Code erc20 compatible wallet, kraken vs Bitcoin Era to gatehub, Bitcoin Revolution uk ltd reviews, social trading Bitcoin Evolution review, Bitcoin Billionaire passport verification example, does Immediate Edge copytrader work and Ethereum (ETH).
Reiterating his recent negative comments on the U.S., Durov wrote that the world community remains dependent on the U.S. when it comes to finance and technology. „Unfortunately, we – 96% of the world’s population living elsewhere – are dependent on the decision makers chosen by the 4% who live in the US,“ he added.
Telegram founder accuses US of being a „Police State“ in the midst of Free TON
Telegram’s CEO also stressed that the court’s decision breaks the sovereignty of jurisdictions around the world, saying
„This court decision implies that other countries do not have the sovereignty to decide what is good and what is bad for their own citizens. If the United States suddenly decided to ban coffee and demanded that coffee shops in Italy be closed because some Americans might go there, we doubt that anyone would agree.
A Brief History of Telegram and the SEC
By abandoning the TON project, Telegram appears to have lost its long legal battle with the SEC. The SEC filed a lawsuit against Telegram in October 2019, a few days before the firm planned to launch the TON network. In the lawsuit, the SEC accused Telegram of violating the U.S. securities law by making its initial $1.7 billion coin offering in 2018.
In March 2020, a U.S. court recognized that the SEC had a good opportunity to prove that Telegram’s GRAMs were unregistered securities. Telegram’s CEO, Pavel Durov, subsequently suggested a repayment plan on April 30, apparently accepting the court’s decision.