RATE Group | Telegram Asks Court to Dismiss SEC Lawsuit Against Gram Cryptocurrency
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Telegram Asks Court to Dismiss SEC Lawsuit Against Gram Cryptocurrency

24 Nov Telegram Asks Court to Dismiss SEC Lawsuit Against Gram Cryptocurrency

Posted at 22:47h in Cryptocurrency News by

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Encrypted messaging service Telegram has asked the New York Southern District Court to throw out accusations by United States regulators that its in-house cryptocurrency is a security.

In a fresh filing on Nov. 12, Telegram’s lawyers did not mince their words as they accused the U.S. Securities and Exchange Commission (SEC) of abandoning just practice in its criticisms.

Telegram: SEC “adopted ad hoc legal position”

The SEC had previously argued Telegram was engaging in the sale of unregistered securities when it sold its GRAM tokens to vetted investors. Despite the pressure, investors rejected a refund of money paid.

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…

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