Telegram lawyers have withdrawn their appeal against the U.S. token sale ban. Durov reports in his Telegram channel that he stopped working on the blockchain project.
Southern District of New York Judge Kevin Kastel, who is hearing the Securities and Exchange Commission’s lawsuit against TON, in March indefinitely prohibited Telegram from selling Gram and transferring tokens to those who acquired them in the 2018 initial public offering. In late March, Telegram lawyers challenged the ruling in the U.S. Court of Appeals for the Second Circuit.
On May 24, 2020, the bases of both courts received a notice stating that “the appeal has been withdrawn”. The document specifies that this decision was made by agreement of the parties. No other details are provided.