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SEC stands for the U.S. Securities and Exchange Commission. It’s an independent federal government agency that is responsible for enforcing the federal securities laws and regulating the industry. The SEC protects investors from fraudulent practices. Therefore, before being sold to investors, issues of securities must be registered with the Securities and Exchange Commission.
Investors asked the court to prevent the disclosure of the names. The court may make exceptions if this data is not important for the outcome of the case.
While the litigation between the US SEC and Telegram is in full swing, it became known that the Chamber of Digital Commerce wants to intervene as a third independent party.
The Telegram Group and the SEC appealed to the United States District Court for the Southern District of New York with a request to expedite their case, while also announcing their positions.
The Court Attacks Telegram Again: The Court Ordered Telegram to Disclose Pre-ICO Financial Information by February 26
The US District Court made the final decision and will not extend the deadline for submitting financial documents. Telegram has time to provide required materials until February 26.
The SEC provided evidence of Telegram tokens sales after the pre-ICO, which Telegram refused to give earlier. Now, Telegram says that it will most likely not have time to provide the SEC with the required information before the next hearing.
The New York Southern District Court denied the Securities and Exchange Commission's (SEC) emergency request to get complete bank records from Telegram token sales.