A former wall street lawyer attached to NASDAQ trading house has issued warnings to the TON crypto community against launching the highly anticipated Telegram Blockchain. The lawyer said the community should remain patient with their plans to launch the Telegram blockchain until the second U.S circuit court of appeals is finished.
City Lawyer issues strict warnings to TON Crypto community
A New York city lawyer named Manny Alicandro recently issued tough warnings to the TON cryptocurrency community. The lawyer who formerly worked with trading house NASDAQ also has a portfolio of vital experience gained from handling cases involving cryptocurrency companies.
The lawyer told a local news agency that if all the three safe Harbor SEC crypto supporting commissioner Peirce proposed is approved the launch could be possible. However he reiterated that the SEC does not want anything to do with the Commissioner Pierce proposals. What makes the situation even more tricky is that the commissioners term of service expires just in two months from now. This means a company seeking the approval of the SEC to launch a crypto service could wait for years.
Meanwhile the TON community revealed that they are set to launch a fork of Telegram’s open-source TON blockchain without the approval of the US SEC. The community spokesperson recently tweeted saying the community was prepared for the current scenario. He added that the community has many options including the launch of TON by TCF(TON Community Foundation). He concluded the tweet by strongly saying that no one could prevent the launch of TON.
On the other hand Alicandro revealed that Telegram has already filed a notice of appeal with the 2nd U.S Court of Appeals. He advised the community to stay calm while waiting for the Court’s final decision. However Alicandro noted that the launch of the proposed Telegram blockchain can not be avoided since both TON Labs the blockchain developer and the TON Community are not based in the United States.
Telegram Needs SEC Clarification
Recent reports indicate that Telegram requested SEC to provide clarification on whether the injunction the regulator placed upon its Gram tokens applies only to US citizens or all Telegram users investors globally. However Alicandro revealed that he believes that Injunction applies to all possible Telegram future investors.
Alicandro compared Telegram’s case to Tezos’ where SEC made a ruling that the company’s servers had significant contact with US based servers which are under SEC’s jurisdiction. The court further mentioned that Tezos marketing drives could still be intercepted by US users putting American investors at high risks.