The Southern District Court of New York decided to reject the request of the Securities and Exchange Commission (SEC) to receive data related to the sale of tokens from Telegram.
After a conference call with the parties to the case, Judge Peter Kevin Castel signed a ruling to refuse the SEC’s request to receive information related to Gram sales during the two preliminary rounds of the ICO.
Currently, it is known that the SEC will probably be able to access only part of the requested information. Telegram has time until January 9, 2020, to announce the date of the verification of information required by the US authorities, so that the regulator can verify that it complies with foreign data privacy laws.
Earlier, lawyers reported that Telegram has already provided a large amount of information, including details about these transactions. It is alleged that collecting additional information will be too burdensome to protect Telegram.
It is worth noting that the information requested by the authorities is not directly related to the key issue in the framework of the trial: to consider Gram tokens as securities or cryptocurrency. A reminder: the US regulator insists on the application of securities law, while the Durov’s team emphasizes that Gram is a cryptocurrency.
