The court dismissed the allegations of the Securities and Exchange Commission. The SEC assured that this information is relevant for addressing the Telegram case.
The Court of the Southern District of New York rejected the filed request by the US Securities and Exchange Commission (SEC) in the case of Telegram. With this, the regulatory body sought to access private information related to the sale of the GRAM token backed by the management company of the popular messaging application.
According to information published by various means, the respective Court held a conference via telephone with the parties involved. There Judge P. Kevin Castel reported that he rejected the appeal filed by the SEC with which he would force Telegram to transfer such information.
However, a report related to the case seems to indicate that this would not be the only way by which the SEC could obtain such information. This is because Telegram has until January 9 to submit a schedule that reflects the respective bank records, public information to ensure that the management of the funds complies with foreign laws for data privacy.
SEC after Telegram data
After all the controversy generated by Facebook’s Libra project between regulators and legislators worldwide, the Telegram case was about to go under the table until the SEC filed a lawsuit against the management company to avoid the launch of the GRAM token a few days from the stipulated date.
This measure opened a legal battle between Telegram and the SEC, where the latter asks the company to record documents that reflect how the company handled the collection of the corresponding funds, who were the investors, data associated with the operation of the new token and plans to take them to other related applications. The regulatory body defended before the court the importance of these details to rule out that the company does not commit illegal acts.
For its part, Telegram refuted all the accusations presented by the SEC, emphatically rejecting having organized an “illegal” presale campaign for its GRAM token, as well as the fact that the regulatory body defines the asset as a value when it does not fall within the classification established by federal laws.
Next release date
Telegram originally planned to launch its token on October 31, 2019, but in light of all the problems that arose, the company told investors that this would be suspended until further notice, at least until that the legal situation be much clearer.
To provide greater clarity to investors, the management company proposed to delay the deadline for the launch of TON and GRAM until April 30, 2020, as approved by the token owners who did not demand the return of their money despite what happened .
Telegram also made it clear that the wallet for its cryptocurrency would not operate through the messaging application and that its Blockchain network will work independently from the other business niches managed by the company.