The ICO documents required by SEC
First, the parties agreed to present the evidence without an evidentiary hearing. Second, the SEC may question the witnesses on the merits of the case without restricting the issuance of the GRAM token. Finally, the court denied the SEC’s demand that the telegram still had to prove that its conduct remained within the foreign data protection law.
The Castel District Court for the Southern District of New York rendered a favorable decision in the case of the Securities and Exchange Commission (SEC) against the messenger company Telegram. The order was to be complied with by January 9, 2020. The judge in charge of the case, Kevin Caste, denied the SEC’s demand.
In addition, Telegram clarified that it will not have any control over TON. The company also does not commit to develop applications that use the blockchain.
The Court denies, without prejudice, plaintiff’s application to compel the production of defendant’s bank records. By January 9, 2020, defendant shall set forth in a declaration a proposed schedule for a review of the requested bank records to ensure that production of such records complies with foreign data privacy laws.
Although Telegram scored a small victory, the court could still favor the regulator. The case could set an important precedent for the entire cryptoindustry.Telegram made an important publication on the same day that the court was deciding the case.
The most important clarifications made by Telegram are directly related to the legal case and the functioning of the TON. The document states that no one can buy or sell the Gram token yet. Neither Telegram nor any of its affiliates are involved in any public sales or presales of Grams.
Author : Reynaldo