Home Crypto News Telegram Developers Jump to TON’s Defense in SEC Case

Telegram Developers Jump to TON’s Defense in SEC Case

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A bunch of Telegram Open Network (TON) builders, calling themselves “The TON Community Foundation,” have submitted a courtroom doc criticizing the SEC’s prosecution of the mission.

The former messaging app turned blockchain developer has been embroiled in a long-running go well with with the United States Securities and Exchanges Commission, which alleges that US$1.7 billion raised from the sale of ‘Gram’ tokens between January and March 2018 ought to have been registered with the authority as a result of the tokens represent a safety. Telegram has constantly denied the accusations and has lately been backed up by the group of worldwide builders constructing the blockchain on which the digital coin shall be primarily based.

The TON Community Foundation, a non-profit physique collectively representing Telegram’s builders, has submitted an amicus curia, which is a courtroom submitting that gives experience or perception right into a given case on behalf of an entity that isn’t formally a part of the case. The submitting states that the muse was established to characterize a “professional community of active participants in the TON project in whose interest it is to see the TON blockchain mainnet launched as soon as possible.”

The basis is break up into 20 groups of “independent specialists” who collectively make up over 2,000 pc scientists, engineers, programmers, and entrepreneurs primarily based in China, Russia, and Spain, amongst different international locations. The group argues that the lawsuit in opposition to Telegram is a part of a broader effort by the SEC to place the crypto trade underneath an “innovation-suffocating regime,” and that exact arguments made by the SEC’s blockchain professional, Professor Maurice Herlihy, are “unrealistic standards of pre-launch performance, security, and maturity.”

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The group of builders has countered the SEC’s considerations over the safety capabilities of Telegram’s blockchain by saying TON is absolutely operational, has “state-of-the-art prelaunch security” and a developed suite of companies. They say that, in its present state, TON could be prepared for launch as a mainnet in a “matter of seconds.”

Featured picture: DepositPhotos © prykhodov

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