The Telegram Group Inc. is ready to postpone the launch of its Telegram Open Network (TON) blockchain platform and delay all transactions related to the Gram cryptocurrency for 5 months.
SEC insists that the court must establish the relevant prohibitions before the end of the proceedings. This was stated in the documents received on Thursday in the electronic database of the Federal Court of the Southern District of New York.
On October 11, the Commission filed a lawsuit demanding Telegram to defer the ICO (Initial Coin Offering), which implies the termination of transactions with Gram. The regulator stressed that the court had satisfied some of its demands temporarily.
On Wednesday, Telegram's lawyers notified the court that the company intends to delay the launch of TON, and are ready to suspend operations with Gram for 5 months. However, Telegram representatives asked the court not to impose the bans in the official order, as the public and stakeholders can present incorrect interpretation of the project.
The Commission asks the court not to satisfy Telegram's motions, noting they are disposed to resolve the issues of this proceeding with no delay.