The US Securities Commission (SEC) and Telegram agreed on a settlement. According to it, Telegram is obliged to return $1.22 billion to Gram buyers and pay a fine.
As evidenced by a letter from the US Securities Commission (SEC) to Judge Kevin Castel, who runs the TON blockchain platform case, the US regulator and Telegram were able to agree on a settlement. Telegram has pledged to comply with a number of conditions, including an obligation to return illegally earned profit of $1.22 billion to buyers of Gram tokens. This amount accounts for 72% of the funds invested in the project. Thus, Telegram is obliged to reimburse investments not only to those investors who decided to leave the project, but also to those who agreed to sign a loan agreement until 2021 trying to return 110%. In addition, Telegram agreed to pay a fine of $18.5 million.
According to the settlement agreement, Telegram is obliged to notify the SEC within 45 days before the release of digital assets, cryptocurrencies, digital money and digital tokens.
“Regrettably, we were unable to launch the TON platform by our deadline date due to the preliminary injunction ordered by the Court, and thus had to return the remaining funds to purchasers under our contractual agreements. Since we saw limited value in pursuing the court case further, we welcomed the opportunity to resolve it without admitting or denying our liability,” Pavel Durov commented on the settlement. He noted that his companies have already paid more than $1.2 billion to investors of the blockchain platform “either directly or in the form of loans”. Durov also expressed the hope that "the regulatory environment for blockchain technology in the US becomes more favorable for others in the future.”