Telegram has filed another petition with the New York State District Court. Telegram again asks the court to dismiss the Securities and Exchange Commission (SEC) lawsuit to ban the sale of Gram tokens.
In its petition, Telegram denies all allegations by the SEC that Gram tokens are unregistered securities that were sold to investors in violation of the law.
Telegram lawyers say that the company conducted an ICO legally, and part of the proceeds was used to develop and launch the TON platform. Lawyers noted that despite a certain number of tokens sold, they have not yet been issued and distributed among investors. Moreover, after the launch of the TON blockchain, Gram tokens will be cryptocurrency, not securities.
One of the main SEC specialists, Steven Peikin, believes that token issuers will not be able to evade compliance with US federal securities laws by simply calling their product cryptocurrency or a digital token.
“Telegram intends to take full advantage of the public offer without fulfilling the established requirements aimed at protecting investors,” said Stephen Paykin.
Telegram, in turn, accuses the Commission of committing biased and arbitrary actions in the new legal industry without providing clear guidance and notifying what constitutes a violation of the securities law. Moreover, in its appeal to the court, Telegram stated that it began to interact with the Commission on a voluntary basis, hoping to receive instructions from it in order to avoid possible violations. This led to the fact that the SEC did not provide any recommendations, but sent a lawsuit to the court demanding enforcement.
Recall that the hearing on the SEC lawsuit against Telegram was originally scheduled for October 24, but was later postponed to February next year. Despite this, TON investors refused to return the invested funds until the situation with the allegations by the SEC clears up, and are ready to wait for the platform to launch before April 30.
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