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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.