Manny Alicandro, a New York-based attorney, has warned the TON Community against the launch of the blockchain network before the 2nd U.S. Appeals Circuit Court issues its judgment, Cointelegraph website reported.
The attorney expressed his concerns about the community’s drastic plan, noting that all issuers should fulfill the Howey test. This may only change:
“… if the Three-year Safe Harbor proposal by Commissioner Peirce is ultimately approved. With that being said, Commissioner Peirce’s term expires in June 2020 and the proposed Safe Harbor is not on the SEC’s rulemaking agenda. In the instance that it is added and put out for public comment, this process can take years to seek final approval.”
For his part, TON’s spokesperson said:
“The community was ready for this (or another) scenario. We have several options, including the launch of TON by TCF [TON Community Foundation]. I will say more, no one (no one) can prevent the launch of TON”.
However, Alicandro indicated that this is not the time for rash actions:
“Telegram has already filed a notice of appeal to the 2nd U.S. Circuit Court of Appeals. I wouldn’t recommend that they do anything until the 2nd Circuit appeal is decided. There is no need for urgency, especially since the world is in lockdown because of COVID-19”.
Cryptolydian earlier reported that developers of TON Labs seeks to launch the Telegram Open Network (TON) despite a U.S. court ruling.
By forking the mainnet of TON, TCF believes that it can circumvent the decisions of SEC and U.S. court. Thus, it would legitimately separate the blockchain from the original project.