The team of the Telegram Open Network (TON) blockchain platform returned $ 1.2 billion to project investors in accordance with contractual agreements. This was reported by Pavel Durov.
He emphasized that Telegram did not recognize, as well as did not deny its responsibility to the US Securities and Exchange Commission (SEC), but he welcomed the opportunity to resolve the lawsuit.
“Today’s proposed settlement reconfirms our commitment to repay the remaining funds to purchasers under the Purchase Agreements. We’ve already repaid more than 1.2bn to the purchasers either directly or in the form of loans, ”said Durov.
He added that the Telegram team intends to implement other projects and expressed the hope that the regulatory environment for blockchain technology in the United States will become more favorable for developers in the future.
New York State licensed lawyer and head of international litigation at Buzko Legal, Yevgeny Krasnov, in a ForkLog comment, said that Telegram essentially had no other way to resolve the conflict with the SEC.
“Telegram already accepted this outcome when it revoked the appeal, and when Pavel Durov announced the termination of work on the TON project. Then it became clear that the parties would agree on the terms of a settlement, which became known yesterday, ” he said.
The SEC’s requirement for Telegram to report on future cryptocurrency issues is “fully legitimate” said the lawyer
“The SEC has widespread discretion in imposing sanctions on violators of the Securities Act. Such requirements are often found in such agreements,” added Yevgeny Krasnov.
Earlier it became known that, in the framework of the conflict settlement, Telegram will pay the SEC a fine of $ 18.5 million and be liable for losses of investors in the amount of $ 1.224 billion and additional payments of up to $ 30.6 million. Over the next three years, Telegram is obliged to notify the SEC of plans to issue a digital currency or tokens based on blockchain technology.