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TON Developers and Investors Back Telegram in SEC Fight
Summary: The TON Community Foundation was first to defend Telegram on Friday's court briefing. Since Telegram was denied their blockchain launch, they were unable to set their TON Blockchain. Brown University professor Maurice Herlihy submitted to the SEC that TON was lacking components for a secure launch, while the foundation states Herlihy's take in parts were ...
The TON Community Foundation was first to defend Telegram on Friday's court briefing. Since Telegram was denied their blockchain launch, they were unable to set their TON Blockchain. Brown University professor Maurice Herlihy submitted to the SEC that TON was lacking components for a secure launch, while the foundation states Herlihy's take in parts were unnecessary for a successful launch, reports CoinDesk.
The SEC argued that Telegram is selling unregistered securities and building a decentralized system like Bitcoin. The foundation claims that the usage of TON blockchain could help with education, research, development, lobbying, and grants. According to the White paper, every token sold would be by a TON Reserve which will control the TON Foundation. The court battles established a need to do a “democratization” at a state of urgency, Telegram stated they were under no obligation to establish the TON Foundation. In terms of TON’s progress, Telegram’s hands are tied.
By Claudia Rivera
Tags: Lawsuit,Open Network,SEC,Telegram,Telegram Foundation
Link: TON Developers and Investors Back Telegram in SEC Fight [Copy]
