Telegram Abandons TON
In a win against technology and progress, Telegram announced that it is not going forward with the Telegram Open Network which is was to be powered by cryptocurrency.
This is a result of a lawsuit filed by the SEC asserting that Telegram's selling of the Gram token was a security, thus was illegal.
Unregistered securities are illegal to sell in the United States with the regulators believing all cryptocurrency is a security.
Here is another example of how the United States is falling behind in technology due to the lack of sanity on the part of the government. Many have spoken out against the actions of the government and told start ups to look elsewhere when developing cryto projects.
Telegram had a clause which said that if the company did not build out TON by the 30th of April, it would return all the money.
The company did just that.
It would stand to reason that the SEC is jumping for joy over this. However, this strikes at the core of what is taking place in the United States. Any technological lead the country had is rapidly vanishing as countries around the world open themselves up to newer technologies.
The political environment in the country is just about ensures that nothing positive will take place anytime soon. This leaves departments free to operate how they wish meaning they will shut down projects as they see fit.
There was a free version of TON opened up last week but the company says that it is not going support it.