Telegram

On the 9th January of 2020, the lawyers representing Telegram said in a court file that preparation of a review of financial records requested by the US SEC will take five to seven weeks. The lawyers said the analysis of data protection laws in various foreign jurisdictions is mandatory, hence remarkably lengthening the process. This court filing noted the need to analyze about 4600 transactions of 770 entities and individuals and ensure that Telegram complies with foreign data privacy laws.…

On the 6th of January 2020, in a blog post, Telegram clarified that its native token, Gram, is not an investment product. Telegram further explained that people should not expect profits by purchasing or holding the token. On the other hand, the US SEC is in charge of securities in the United States. The SEC recently filed a court application against the platform offering Gram token, assuming that the token is under the commission’s jurisdiction. Is Gram Designed for Ton…

On the 2nd of January 2020, the US SEC filed a court order against telegram to release information on how it spent its funds from its Initial Coin Offering. The ongoing case took a new shape as the commission is seeking legal means of getting information related to the case. As per the SEC, the $1.7 billion raised by Telegram from the sales of Gram tokens consisted of unregistered securities sales. US SEC Requests ICO Spending Information from Telegram The…