A group of developers from the Telegram Open Network (TON) calling themselves “The TON Community Foundation” has filed a court document criticizing the SEC’s pursuit of the project.
The former messaging app-turned-blockchain developer was embroiled in a long-standing lawsuit with the US Securities and Exchanges Commission alleging $ 1.7 billion from the sale of “Gram” tokens between January and March 2018 should have been registered by the authority because the tokens represent a security. Telegram has consistently denied the allegations and was recently backed by the community of international developers who are building the blockchain on which the digital coin will be based.
The TON Community Foundation, a nonprofit that represents the developers of Telegram collectively, has filed an Amicus Curia, which is a court record that provides expertise or insight into a particular case on behalf of a legal entity that is not official Is part of the case. The filing states that the foundation was set up to support a “Professional community of active participants in the TON project, in whose interests it is that the TON blockchain mainnet is started as soon as possible.”
The foundation is in 20 teams of “independent specialists” which together make up over 2,000 computer scientists, engineers, programmers and entrepreneurs who are based in China, Russia and Spain, among others. The group argues that the lawsuit against Telegram is part of a broader effort by the SEC to bring the crypto industry under one “Innovation stifling regime” and that the special arguments of the SEC’s blockchain expert Professor Maurice Herlihy are “Unrealistic standards for pre-launch performance, security, and maturity.”
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The developer group countered the SEC’s concerns about the security features of Telegram’s blockchain by saying that TON was fully functional “State-of-the-art prelaunch security” and a developed suite of services. They say that TON in its current state as a mainnet in a “A matter of seconds.”
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