SEC is the United States Securities and Exchange Commission. In fact, this is the main global government agency for those who want to engage in the issue of securities, including cryptocurrencies.
On October 11, 2019, The United States Securities and Exchange Commission filed an emergency lawsuit against Telegram Group Inc. and TON Issuer Inc. and a temporary restraining order has already been received.
There is this news on the SEC site: https://sec.gov/news/press-release/2019-212
Two days later, the TON team sent an explanation of the situation to investors. The letter says the following:
«We were surprised and disappointed that the SEC in these circumstances chose to go to court, and we do not agree with its legal position».
The letter also said that the team of Pavel Durov had been trying to establish contacts with representatives of the US Securities and Exchange Commission (SEC) for 18 months and to get clarification from their specialists about how they assess the TON project.
The letter says that now Telegram with its lawyers is analyzing ways out of this situation, including the possible postponement of the project launch date.
«We are working hard to quickly resolve this issue, and hope to provide new information within the next week».
The court is scheduled for October 24.