Encrypted messaging service Telegram wants to postpone the launch date of its Telegram Open Network (TON) following issues with the United States Securities and Exchange Commission (SEC). According to an investor message seen by Cointelegraph on Oct. 16, Telegram told investors that it wants to push back the deadline to April 30, 2020. The launch was initially set for late October, but the SEC abruptly declared its $1.7 billion dollar token offering to be illegal. Telegram raised the massive sum for its new network by selling TON’s native Gram tokens to qualified investors in two separate rounds. Problems with registration …

In just the last few months, the entire landscape of the crypto industry has changed. Innovation once came from within, with a number of early influencers earning god-like status among the crypto community. In 2019, the industry is marching to a very different tune, with tech companies expanding their influence out of their respective sectors and into the realm of finance. Telegram’s Telegram Open Network (TON), powered by its own in-house cryptocurrency, Gram, hoped to be the first token-backed product for mainstream use launched by an established tech firm. Just days before the launch date, the hammer of the United …

Telegram’s pledge to return money to investors in the event of a delay to the launch of its blockchain network may be superseded by a “force majeure” clause in its purchase agreement. As an Oct. 14 report from Russian media agency the Bell emphasizes, the force majeure clause — which encompasses natural disasters, terrorist threats and the eruption of war — also includes legal or regulatory actions on the part of the authorities. Following an abrupt move by the United States Securities and Exchange Commission (SEC) to declare that the $1.7 billion initial coin offering (ICO) for the Telegram Open …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week U.S. SEC deems $1.7 billion Telegram offering illegal, orders halt In what may be the highest-level action it has ever taken, the SEC has halted the $1.7 billion digital token offering for Gram (GRM) tokens. In a massive setback for the upcoming Telegram Open Network (TON), the regulator has filed an emergency action and restraining …

Telegram Open Network (TON) developers responded to its investors after American regulators abruptly announced that its $1.7 billion token sale was illegal. No clear feedback from SEC for 18 months According to a TON letter to investors obtained by Cointelegraph, the firm has been trying to solicit feedback from the United States Securities and Exchange Commission (SEC) for the past 18 months regarding the TON blockchain and does not agree with the recent action. It wrote: “We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances, and we disagree with the SEC's legal position.” …

Late Friday, the United States Securities and Exchange Commission (SEC) announced that it is suing two offshore entities, Telegram and its wholly owned subsidiary, TON Issuer, for holding an unregistered token sale. According to the complaint filed in the federal district court in Manhattan on the same day, Telegram sold approximately 2.9 billion crypto tokens, called Grams (GRM) to 171 buyers for a total of $1.7 billion. Around a quarter of that sum, $424.5 million, allegedly belonged to 31 purchasers based in the U.S. As a result, the SEC has obtained a temporary restraining order against Telegram and TON, seeking …

Following a recent red flag from American regulators, a private Telegram channel for Telegram Open Network (TON) investors is taking a break. Temporary halt for more clarity On Oct. 12, TON Board channel on Telegram announced a temporary halt of work due to the increased level of regulatory uncertainty. TON Board has also deleted all previous posts on its Telegram channel, making the latest announcement the sole post on the channel at press time. As noted in the channel description, TON Board is a private channel created by investors and for investors in the TON as well as for future …

The United States Securities and Exchange Commission (SEC) has announced that Telegram and the forthcoming GRM token constitute an unregistered digital token offering. Per an Oct. 11 press release, the SEC has filed an emergency action and restraining order against Telegram and the Telegram Open Network (TON) in a complaint filed with federal district court in Manhattan. The allegations The full complaint alleges that Telegram and TON did not register their sale of GRM tokens, which the SEC considers securities. Because the Securities Act of 1933 requires that all securities be registered with the SEC, the agency considers the sale …

London-based decentralized communication startup New Vector has raised $8.5 million to drive adoption for Matrix, a major alternative messaging protocol. Slack rival Riot.IM The Matrix protocol, which enables secure communication via end-to-end encrypted messaging applications such as Riot.IM, an alternative to WhatsApp, Telegram or Slack, will continue scaling and growing its network with the newly raised funds, New Vector announced on Oct. 10. Investors of the New Vector’s Series A funding round included London-based European seed fund Firstminute Capital, cloud computing and Software as a service (SaaS)-focused Notion Capital and enterprise software venture firm Dawn Capital, the firm said. As …

Telegram Open Network’s (TON) value is expected to surpass $20 billion over five years, according to new research by New York-based blockchain venture and digital assets fund Decentral Park Capital. “A sleeping giant awakens” The 59-page document — entitled The Current State of Telegram Open Network: A Sleeping Giant Awakens — claims TON’s native cryptocurrency Gram (GRM) has the potential to become one of the top 10 protocol assets in five years. The research points out TON’s high potential, stressing that it can serve as a gateway for crypto assets and related apps to “bank the unbanked” as well as …

Major United States-based crypto exchange and wallet provider Coinbase has announced that it will provide custodial support for the forthcoming cryptocurrency from the popular encrypted messaging service Telegram. In an official blog post published on Oct. 10, the exchange revealed that Coinbase Custody — its digital assets custodian solution for institutional investors — will launch support for the Telegram Open Network’s (TON) native token Gram (GRM) when it goes live. Insured offline storage at network’s launch Coinbase’s announcement reveals that it will support the secure storage of three forthcoming tokens in total — GRM, Sola (SOL) and OXT (OXT) — …

Cloud-based instant messaging service Telegram has released the terms of use for its native cryptocurrency wallet Grams Wallet. In the Oct. 8 publication, Telegram said the conditions apply whether as a standalone application or as incorporated into the Telegram Messenger application. Here are five key takeaways: 1. Taxes, regulation In the statement, Telegram emphasized that the Grams Wallet should not be used in jurisdictions where its services are prohibited by any applicable law, regulation or rule, including embargoes, sanctioned countries and sanctioned individuals. Telegram also stressed that its customers are responsible for determining what taxes apply to use of Gram …