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Telegram Insists That TON ICO Wasn't Security Offering in Response to SEC

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    Telegram states that it never offered any securities during its $1.7 bln ICO 

Telegram Insists That TON ICO Wasn't Security Offering in Response to SEC
Cover image via u.today
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Telegram, the company behind the controversial TON project, has filed a response to the US Securities and Exchange Commission where it urges a federal court to deny the regulator's request for a preliminary injunction. The Pavel Durov-helmed messaging behemoth states that such an action could be "misconstrued" by TON investors and the general public. 

"Telegram submits that there is no need for the Court to enter a preliminary injunction, which has the potential to be misconstrued by Telegram’s private placement subscribers and the public in this highly-publicized matter, where Telegram has already voluntarily agreed not to engage in the very conduct that the SEC is seeking to enjoin."

The company's main argument is that the SEC falsely identified its Gram tokens as securities, which means that they are not subject to the U.S. Securities laws.  

"The Grams themselves, as distinct from the purchase contracts, will merely be a currency or commodity (like gold, silver or sugar) — not a “security” — once the TON Blockchain launches.”

In the court filing, Telegram also reiterates that it had been "voluntarily" engaging with the securities regulator before the lawsuit by providing all the necessary documents and providing email and phone conversations.

For the past 18 months, Telegram voluntarily engaged with, and solicited feedback from, the SEC regarding the development and planned launch of its decentralized blockchain platform (called the “TON Blockchain”) and Grams, consistent with the SEC’s publicly stated desire to engage with developers of digital asset technologies.

Still, that didn't stop the SEC from hitting the company with an emergency restraining order to delay the launch of the TON Blockchain. 

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Telegram Court Hearing Scheduled for Oct. 24, Just Days Before TON Network Is Supposed to Go Live: Details

Telegram Court Hearing Scheduled for Oct. 24, Just Days Before TON Network Is Supposed to Go Live: Details

Telegram raised a cool $1.7 bln during its ICO that took place at the beginning of 2019. The TON network launch was originally slated for Oct. 31.

However, as reported by U.Today, Telegram chose to postpone the distribution of its Gram tokens with a new deadline being set for Apr. 30, 2020. If the lion's share of investors disagrees to delay the launch of the network, they will get "approximately" 77 percent of their money back.

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SEC Cracks Down on ICO That Offered Investors Colored Diamonds  

SEC Cracks Down on ICO That Offered Investors Colored Diamonds  

The SEC's clampdown on Telegram comes just weeks after EOS maker Block.one settled with the regulator for a "minuscule" $24 mln after being sued for selling unregistered securities. This sum represents just one percent of the $4 bln it raised during its year-long ICO.          

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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Top Bitcoin Trader on BitMEX Says He's "Long and Strong" as BTC Price Struggles to Hold $8,000

Top Bitcoin Trader on BitMEX Says He's

According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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