Telegram Saga: Court Denies SEC Request

The court in charge of the case opposing the DRY at Telegram rejected the regulator’s request to force the publisher of the popular messaging app to provide financial state of his ICO.

New York's Southern District Court on Monday January 6 denied the Security of Exchange (SEC) request, reports FinanceFeeds.

Last week, the American stock market policeman asked for an order to compel Telegram to provide documents related to the sale of its cryptocurrency GRAM. He wants to know how the company uses investor funds.

“The Court held a conference call with the parties to resolve the dispute regarding the SEC letter,” said FinanceFeeds.

The DRY may nevertheless soon be able to access certain financial information concerning the ICO of the GRAM. By January 9, Telegram must indeed propose a timetable for the examination of its bank registers in order to prove that "the production of the registers complies with foreign laws on the confidentiality of data".

In early 2018, during two private ICOs, Telegram raised $ 1.7 billion to finance its blockchain project YOUR.

While the firm had planned to launch its cryptocurrency in fall 2019, following SEC action last October, the company finally decided to postpone its launch to spring 2020.