Law firm Skadden, Arps, Slate, Meagher & Flom, acting on behalf of Telegram Group Inc. and Ton Issuer Inc., has notified a US court Telegram has decided to put off the launch of its blockchain platform Telegram Open Network (TON), Russian media TASS reports.
The company has also decided to suspend all operations with Gram for five months after reaching an agreement with the court. The lawyers have asked the court not to establish official bans on the distribution of cryptocurrencies due to the fact that these measures could be "misinterpreted" by the public.
According to the document, Telegram has agreed "not to offer, sell or transfer Gram in order to maintain the current situation before the court resolves all the case's underlying legal issues."
The US Securities and Exchange Commission (SEC) suspended Telegram's ICO at the end of last week arguing Gram is a security and that its issuer has not provided any information on the company's financial situation, business, management and risks.
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