America Securities and Trade Fee has opposed Telegram’s request for readability concerning the geographic scope of a court docket injunction barring the corporate from distributing its Gram (GRAM) tokens.
In a letter to Decide Castel dated March 30, the SEC asserts that the injunction “unambiguously, and correctly, applies to Telegram’s supply of Grams to ‘any individual or entity’ […] and requires no clarification.”
The Gram tokens correspond to the agency’s $1.7 billion preliminary coin providing that raised cash to launch the Telegram Open Community — or TON — in 2018.
SEC claims injunction unambiguously applies to “any individual or entity”
On March 27, Telegram’s legal professionals filed a letter requesting that the court docket make clear whether or not the court docket’s March 24 injunction has jurisdiction outdoors of the USA.
The letter famous that whereas the Supreme Court docket has beforehand acknowledged “a ‘presumption in opposition to extraterritorial functions’ of the U.S. securities legal guidelines.’” As such, Telegram is looking for to distribute tokens to the buyers that symbolize the $1.27 billion that the agency raised from outdoors of the USA.
The SEC describes Telegram’s letter as “procedurally barred and legally meritless” — citing its injunction request, which sought to forestall Telegram from “delivering Grams to any individual or entity or taking another steps to impact any unregistered provide or sale of Grams.”
Regardless of the agency’s letter being “styled as a request for ‘readability,’” the SEC asserts that “Telegram’s request is known as a movement for reconsideration in disguise.”
TON group could search to launch community regardless of court docket ruling
On March 24, Decide Castel dominated that the SEC had “proven a considerable probability of success” in looking for to show that Telegram’s token issuance would distribute unregistered securities — granting a preliminary injunction in opposition to the agency from delivering Gram tokens to buyers. Telegram instantly appealed Decide Castel’s ruling.
Two days later, the founding father of the TON Neighborhood Basis revealed to Cointelegraph that the group was contemplating launching the community itself, because the code is open-source. Daniel Perez, the pinnacle of TON Spain, added:
“Nobody can forestall the launch of TON by another entity, individual or a group, [be]trigger TON is a decentralized open-source answer. Already, there are two completely different check networks, and inside the group, there may be at the least 1 group planning to launch the third.”