Gram Investors Okay Delayed Launch
Telegram asked their investors last week for an agreement that would allow the company to delay their launch of the Gram Token from October 30, 2019, to April 30, 2020. Today it was revealed that the Gram Investors has signed off on the agreement, enabling Telegram to delay their cryptocurrency coin by six months. This information came from Forbes Russia; they reported that these investors held a voting meeting and decided the return of their funds isn’t in the best interest of the blockchain project.
The Messaging Blockchain Platform was set to launch in under a week. However, the gram token is identical to Libra. This prompted the Securities and Exchange Commission to send an emergency restraining order to Telegram. The United States Regulator ordered an immediate delay, causing a substantial roadblock for the social media giant. The restraining order revealed that the US Securities and Exchange Commission determined that the Gram Token is a security. Subsequently, Telegram must now register as a securities dealer before they can legally offer their blockchain products.
Telegram was substantially worried about the decision of the Securities and Exchange Commission. When the social media giant initially brought on investors, they promised that is the Gram token was delayed; their investments would be refunded. This is why Telegram immediately requested a voting meeting amongst investors, with the overall majority at 89% determining that a refund wouldn’t benefit the project. Additionally, the repayments would account for only 77% of the total investment made by investors. However, for these investors, the delay means lengthy returns on their investment. It’s estimated that profits won’t be met until late 2020.
The Court Hearing regarding the Distribution Stop of the Gram Token was scheduled for October 24, 2019. However, the judge has moved the date until February 19 in 2020. Gram in a letter to their investors said: “The February hearings are different from the earlier scheduled for October 24, because at these hearings they should only consider the possible postponement of the launch of the platform. Our advisers and we will use the time to ensure that at the February hearing, the Telegram position is presented and supported as much as possible.”