It has become known that Judge P. Kevin Castel taken a decision to deny without prejudice SEC’s letter which was aimed at revealing the full bank records of Telegram. To deal with this issue the court chose a variant of having a phone call with the participation of all the parties of this dispute.The dispute has arisen as the SEC tries to insist that the Gram token sale that was held by Telegram and that brought the company approximately ,7 billion from investors was an unregistered offering of securities.The Securities and Exchange Commission argues that the defendants refused to disclose all the bank records. They are concerned about how Telegram has spent the money raised from investors. Also, the SEC says that Telegram refused to answer questions about the disposition of investors’
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Janis Rijnieks considers the following as important: Blockchain News, Companies, Cryptocurrency News, Gram, News, sec, securities and exchange commission, Telegram, ton
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It has become known that Judge P. Kevin Castel taken a decision to deny without prejudice SEC’s letter which was aimed at revealing the full bank records of Telegram. To deal with this issue the court chose a variant of having a phone call with the participation of all the parties of this dispute.
The dispute has arisen as the SEC tries to insist that the Gram token sale that was held by Telegram and that brought the company approximately $1,7 billion from investors was an unregistered offering of securities.
The Securities and Exchange Commission argues that the defendants refused to disclose all the bank records. They are concerned about how Telegram has spent the money raised from investors. Also, the SEC says that Telegram refused to answer questions about the disposition of investors’ funds.
As the SEC explains this in their letter to the court, it is highly important to acquire these bank records because they are relevant to the case. It is important to know how much money Telegram has spent, in what manner and for what: whether it was for the TON blockchain development, the Messenger application or both together. Also, the evidence is seen as relevant to the efforts Telegram has made to ensure the viability and profitability of the Grams it sold.
Further, the SEC believes that Telegram’s bank records are necessary to understand whether any commissions were paid to purchasers who were buying Grams wit a final goal to sell them to other investors further.
Based on these terms and many more, the SEC requested the court that Telegram compels to provide complete bank records and answers to the SEC questions about their use of funds.
However, on January 6, 2020, the court denied without prejudice the SEC’s application to compel the production of the defendant’s bank records. But there is an option that the SEC will get access to at least some of the requested information. By January 9, 2020, Telegram will have to set forth in a declaration of a proposed schedule for a review of the requested bank records to ensure that the production of such records complies with foreign data privacy laws.
Earlier we have reported that Telegram embroiled in a legal battle with the SEC over several issues related to its Gram tokens. The scuffle between both parties is still quite heated and doesn’t seem to be nearing a resolution anytime soon. While there are a lot of rumors about this project, the company has released an official notice about its TON blockchain and Gram tokens. The published blog post covers many vital details about what should be expected by the Telegram community.
Janis is a cryptocurrency enthusiast and a bitcoin adherent. He has a background in video production, but for the past couple of years, he is a full-time crypto researcher and writer. He has a good understanding of multiple cryptocurrencies and loves to cover daily news. He considers himself a semi-bitcoin maximalist but always is open to any kind of new ideas that could be put on the blockchain. In his free time, he likes skateboarding and cars.