TON Community to launch blockchain despite US court’s injunctive ruling
Mon, 30 Mar 2020, 00:23 am UTC
The developers of TON blockchain are still considering its deployment despite the injunctive ruling from the U.S. court.
Fedor Skuratov, a spokesperson for TON Community Foundation (TCF), the organization behind the TON blockchain told Cointelegraph that they were not surprised by the unfavorable decision they received from the U.S. Court. It also did not hinder them from still pursuing the blockchain technology because they are confident that no one can prevent them from launching it.
“The community was ready for this (or another) scenario. We have several options, including the launch of TON by TCF [TON Community Foundation]. I will say more, no one (no one) can prevent the launch of TON by any other entity, person or community, cause TON is a decentralized open-source solution. Already, there are two different test networks, and within the community, there is at least one group planning to launch,” Skuratov said.
The community believes that they can bypass the Security Exchange Commissions (SEC) and U.S. courts by forking TON’s mainnet. In this way, the blockchain would be legally decoupled from the original project. When this happens, the original investors may have to settle for the assets issued on the forked network.
“The issue of what will be recognized as the core network (Mainnet) is a matter of community recognition exclusively. We are considering, among other things, the option in which we will negotiate with TON investors on the topic of converting their rights to grams in the Telegram’s originally mentioned TON into rights for other grams,” he added.
The publication noted that it’s not clear if Telegram founder Pavel Durov has already approved the proposed solution. However, his opinion may not matter because TON blockchain is an open-source project.
Meanwhile, the US. District Court has sided with SEC and ordered Telegram to stop issuing GRAM tokens. The court finds that the SEC has shown a substantial likelihood of success in proving that the Gram Purchase Agreements, Telegram’s implied undertaking requires compliance. Meanwhile, Telegram has failed to establish an exemption to the registration requirements under either section 4(a) or Rule 506(c).
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