The United States Securities and Exchange Commission (SEC) has responded to Telegram’s counterclaim, insisting that Grams are securities.
Preventing Telegram from additional violation
Following Telegram’s counterclaim on Oct. 16, the place the agency argued that its native crypto isn’t a safety and the preliminary injunction must be denied, the SEC has responded with a brand new submitting within the U.S. District Court for the Southern District of New York on Oct. 17.
In the doc, the regulator not solely insists that Telegram has truly violated the U.S. securities legal guidelines but in addition argues {that a} preliminary injunction must be granted to forestall Telegram from additional violation, stressing that the corporate is prone to violate the regulation once more.
The SEC outlined that Telegram’s proposal to disclaim the injunction will permit them to proceed to interact in violative conduct after 5 months, and put the burden on the regulator to hunt one other short-term restraining order (TRO) from the courtroom.
The securities’ regulator states that it’s a rare non-justified request that might represent a waste of judicial and public assets and thus must be denied.
According to a TRO filed on Oct. 11, Telegram must be at a courtroom listening to in New York on Oct. 24.
Grams’ standing after TON launch doesn’t matter
In the submitting, the SEC reiterated that Telegram has violated the securities legal guidelines by promoting Grams, that are “securities” beneath the Securities Act, to sure traders, together with consumers within the U.S., with none relevant exemption from registration.
The regulator then refuted Telegram’s declare that Grams will merely be a forex or commodity after the launch of the Telegram Open Network (TON), arguing:
“Defendants’ Opposition to this showing rests entirely on the conclusory allegation that ‘Grams will merely be a currency or commodity’ and therefore not a security ‘once the TON Blockchain launches.’ […] whatever Grams were in 2019 or what they will be whenever Defendants decide to distribute them, Telegram’s mere assertion that Grams ‘will … be’ a ‘currency’ does nothing to cure the prior violation of law.”
Yesterday, Cointelegraph revealed an in depth report on Telegram’s case, offering key occasions and points across the TON community and Grams.
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