Everscale Partner
The U.S. Securities and Exchange Commission (SEC) responded to a Telegram request to the court regarding the admissibility of the distribution of Gram tokens among non-US investors with a counterclaim.
In a letter to the judge dated March 30, the regulator writes that the restriction “is clearly and properly applied to the provision of Gram tokens to any person or entity and does not require further explanation.”
Telegram lawyers wrote to the court:
“The defendants respectfully request clarification on the extent of the restriction. In particular, the restriction does not apply to defendants ’purchase agreements entered into abroad with non-US investors during a closed placement, which are also not covered by the provisions of the US securities laws.”
The SEC calls the statements in the Telegram letter “procedurally inadmissible and legally unfounded.” According to the regulator, the temporary ban imposed by the court is designed to “prevent any other steps on an unregistered offer or sale of Gram.”
The plaintiff also claims that Telegram intentionally “structured its letter as a request for clarification” when in reality it is “a hidden request for a review of the decision”.
Earlier, Telegram lawyers expressed their willingness to challenge the judge’s decision to limit the distribution of Gram tokens by sending a notification to the court of appeal.
