[NEWS] U.S. Regulators Sue Crypto Startup Telegram Over Initial Coin Offering

[bbc.reporter]

It appears that they have launched it. Airdrops might be coming to Telegram users hehehe. What can the SEC do to the free TON platform now?

However, will exchanges list their token? I want to buy $100 of grams as a gesture of support hehe.



The Free TON community, an independent group of software developers, validators and users are launching the "Free TON Blockchain" today, May 7.

The blockchain would appear to be based on the Telegram Open Network, the blockchain originally created by encrypted messenger app Telegram.

The TON community had previously declared that it would release the network, despite Telegram's long-running legal dispute with the United States Securities and Exchange Commission and the agency's continuous efforts to block the network's launch.

According to an announcement shared by TON Labs, the community will launch the Free TON Blockchain along with free "TON" tokens to be distributed to users.

Pavel Durov’s Telegram can "no longer be involved" in the project

By launching both the network and tokens independently from Telegram, the Free TON community positions the network as a “provably decentralized blockchain.” The Free TON blockchain will be maintained and validated by a network of independent, non-hierarchical members working on the principles of the Declaration of Decentralization (DOD). The DOD is the primary document that governs the Free TON Community’s operations and is available at the project’s website freeton.org.

Source https://cointelegraph.com/news/ton-community-launches-free-version-of-telegram-open-blockchain

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[Crypto_lion]

Yet another reason for us to move towards decentralized environment . If you have the money you have the power to control anything. Just pay off fines and get away with it.

[bbc.reporter]

Congratulations to the SEC of America. They have created a precedent to takedown the freedom and sovereignty to build outside of their jurisdiction.

The SEC of America is becoming the unofficial gatekeepers of the cryptospace. Only the projects of their allies will be allowed.



TON is officially dead.

"Today is a sad day for us here at Telegram. We are announcing the discontinuation of our blockchain project. Below is a summary of what it was and why we had to abandon it," he wrote.

"Sadly, the U.S. judge is right about one thing: We, the people outside the U.S., can vote for our presidents and elect our parliaments, but we are still dependent on the United States when it comes to finance and technology (luckily not coffee)," he wrote.

The dollar and its influence on the global financial system give the U.S. immense power, Durov said, adding that the country can also influence Apple and Google to remove apps from their respective app stores.

"So yes, it is true that other countries do not have full sovereignty over what to allow on their territory," he wrote.

Read in full https://www.coindesk.com/telegram-abandons-ton-blockchain-project-after-court-fight-with-sec

[betty11]

I believe the management of Gram didn't consult well enough and should deal with their legal team for either not liasing with SEC or not advising them never to sell to USA and Canadian citizens. They could have alternatively get listed without raising public fund like Polymath network. The SEC is notorious.