Telegram requesting that the court dismisses SEC lawsuit against its Gram cryptocurrency
- Telegram has asked the court in the U.S. dismiss the SEC lawsuit on it cryptocurrency.
- The SEC had previously ruled the Gram cryptocurrency as a security.
The encrypted messaging service Telegram has requested that the New York Southern District Court dismisses accusations made by the United States regulators that its in-house cryptocurrency is a security.
Telegram’s lawyers accused the U.S. Securities and Exchange Commission (SEC) of abandoning just practice in its criticisms.
The had previously raised the case that Telegram was engaging in the sale of unregistered securities when they sold Gram tokens to investors.
The filing claims about the SEC:
Plaintiff has engaged in improper ‘regulation by enforcement’ in this nascent area of the law, failed to provide clear guidance and fair notice of its views as to what conduct constitutes a violation of the federal securities laws, and has now adopted an ad hoc legal position that is contrary to judicial precedent and the publicly expressed views of its own high-ranking officials.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
