A group of TON Devs Community contributors have submitted a court document criticizing the SEC case against the telegram. The foundation was formed a “professional community of active participants in the TON project to have TON blockchain main net launch as soon as possible. The court will decide whether to take the matter or not into account at its discretion.
17 February, 2020 | AtoZ Markets – The group formed a non-profit association, the TON Community Foundation. It collectively submitted the brief on February 14 in the form of an amicus curiae. Ton devs community interferes SEC against telegram case. Moreover, it provides expertise or insight into a given case on behalf of an entity that is not formally a party to the case itself. It is an entity that is neither a plaintiff, nor a defendant, nor legal counsel for either party.
Why is the TON Devs Community Supporting Telegram?
The brief states that “the community has approximately 2,000 active participants. The TON Blockchain is fully operational. It could be launched within 5 seconds notice “. Moreover, the SEC lawsuit against Telegram, launched in October, halted the launch of the blockchain, but not the development of the project.
The brief draws on the expert report by Professor Maurice Herlihy of Brown University, previously submitted by the SEC. He assessed that TON lacked critical components for a successful launch and was not sufficiently secure. The foundation argues that not everything Herlihy found in TON launch.
Telegram is wildly successful $1.7 billion initial coin offering (ICO) for TON in 2018. The SEC launched an investigation into the ICO project in 2019. It claimed that the entity had not registered with the commission its ICO and network “Gram” tokens. However, the Herlihy submitted the report as evidence on behalf of the SEC in late December 2019. The foundation states:
“Our mission is to enable the fastest and most efficient development of TON as a decentralized system through collaboration and cooperation”.
The foundation argues that the court should refuse the SEC’s impulse to put the industry on a “suffocating regime for innovation”. It contends that other successful blockchains – such as Bitcoin, Ethereum and Tezos. Those would never have been launched if they had been subjected to Professor Herlihy’s “academic review” and his “unrealistic standards of performance, security and maturity before launch “.
Besides, although Professor Herlihy is the SEC’s expert on blockchain, the foundation claims that he misdescribed the TON network in his report.
Who Are the Members of the TON Devs Community?
In the filing, the contributors declare that the foundation created to represent “a professional community of active participants in the TON project. Their interest is to see the main network of the TON blockchain launch as quickly as possible”.
The foundation includes 20 teams in the global TON community, designated as “independent specialists with extensive blockchain experience. They also participate in the actual work on the TON blockchain. Moreover, they write its code, protocol, contracts, tools and applications. “
The list of participants represented their companies including TON Labs itself, the broker Da Vinci Capital, the wallet applications Atomic Wallet and Button Wallet. The local communities of investors and developers TON China and TON France and several technology start-ups also involved.
The court will determine whether or not to take the brief into account at its discretion.
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