The United States District Court for the Southern Commune of New York has postponed the hearing regarding the Securities and Substitution Committee's (SEC) injunction filing confronting Telegram Open up Network (TON) and its Gram token to Feb. 18–xix, 2020.

As Cointelegraph reported recently, following Telegram's counterclaim on Oct. sixteen, where the business firm argued that its native crypto is not a security and the preliminary injunction should be denied, the SEC has responded with a new filing in the New York Courtroom on Oct. 17.

Courtroom hearing postponed to 2020

Co-ordinate to a TRO filed on October. 11, Telegram should take been at a court hearing in New York on Oct. 24. Nonetheless the latest court order shared with Cointelegraph on October. 19 states that the hearing will be held on Feb. xviii–19, 2020:

"IT IS ORDERED that Defendants shall non offering, sell, deliver, or distribute "Grams" to any person or entity, until the conclusion of the hearing scheduled by the Courtroom for February 18 and 19, 2020 ("Hearing"), except upon further order of the Court or agreement of the parties. At the Hearing, any party may move the Court for the continuation or dissolution of this Order."

Recently, the SEC has claimed that non simply did Telegram violate the U.Southward. securities laws during its initial coin offering (ICO), but information technology also is seeking a preliminary injunction to prevent Telegram from further violations.

The SEC stated that Telegram's proposal to deny the injunction would allow them to go along to violate regulations later five months, and put the brunt on the SEC to seek another temporary restraining society.

The SEC intervened just before TON'southward launch

The SEC has announced an emergency activeness against Telegram on October. 11, just weeks before the planned launch of the Telegram Open Network.

Telegram asked a U.S. court to deny the action, prompting a response from the SEC seeking a preliminary injunction.

While Telegram has proposed to postpone the launch of TON, a "force majeure" clause in the purchase agreement for TON'southward native Gram tokens has made investors concerned that Telegram could abandon its obligations to render funds from Gram token sales in the event of a delay.

Telegram investors must decide whether to extend the TON launch past Oct. 23. Should such a proposal pass, TON would tentatively launch on April 30.