Telegram Considers Delaying its TON Cryptocurrency Following a Legal Suit by the SEC
Telegram’s cryptocurrency that was scheduled for release in October, 2019 might be delayed after the project suffered a lawsuit setback filed by the SEC.
The digital asset which goes by Telegram Open Network (TON) has been under development for over a year and the news came as shock to both the team and investors. Telegram has since addressed concerns that may have arose as a result by writing a letter to its investors.
This information from Telegram addresses the current issue with SEC, possible solutions and notes a high probability of delaying TON’s launch.
In the letter, TON developers express their surprise on the SEC’s decision given they have been in talks for the past 18 months. During this period, the team was getting feedback on its blockchain development as it prepared for the launch this October.
However, it now seems the team is on different sides with the SEC based on the recent legal suit and made it official through the letter to investors.
The Telegram Open Network (TON) team is currently looking for feasible solutions that will have all stakeholders content with the deliverables and the means as well.
This might take a longer time than expected hence the prediction of a delay in launching its digital asset.
As it stands, both the developers and investors are in the grey as to what will unfold in the coming days!