Telegram fights sale of tokens to non-U.S. Investors after ban

Following a New York federal judge’s ban on Telegram token issuance, Telegram is seeking more detailed injunctions from U.S. regulators in an effort to sell tokens to non-U.S. Investors. In a letter to Judge Castel on Friday, Alexander Drylewsky, a lawyer representing Telegram, asked the court to clarify whether the ban applies to TON’s non-U.S. Investors. The court document showed that of the two rounds of financing in February 2018 and March 2018, about a quarter ($ 424.5 million) of the $ 1.7 billion raised by Telegram came from U.S. investors. Telegram believes that the remaining funds raised should not be subject to US securities laws. According to Telegram, the company is willing to take steps to isolate US investors while still fulfilling its obligations to non-US investors. The letter reads, “At the request of the court, the defendant will take safeguards to prevent future non-US private equity buyers from reselling Gram tokens to U.S. buyers.” For example, non-US investors will only Gram can only be received in the case of resale. Telegram may take measures such as [configuring] TON digital wallet to exclude US investor addresses. Previously, Lianwen had reported that the TON Community Foundation may use a forked TON blockchain as an alternative startup method to solve compliance difficulties. In the United States, the government can regulate and prevent specific individuals or groups from running code, but it has no authority to prevent the operation of open source technologies. A group of more than 20 software developers and investors is currently discussing whether there is a possible way to launch the project without Telegram’s participation.