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Telegram: Durov Should Testify in SEC Case Over Gram Token

November 27, 2019 at 3:58 PM | By Jit Sutradhar News

Founder and CEO Pavel Durov telegram, and two other employees, should testify in SEC vs. telegram case, the judge has ordered.

According to a document signed by US District Judge P. Kevin Castel in the Southern District Court of New York on Monday, Durov deposition must take place on January 7 or 8, 2020, at the site of the “agreed upon by the parties.” It will be a little more than a month before the telegram was scheduled to meet the SEC in court dispute over the legal status gram token, the SEC considers an unregistered security.

Telegram vice president Ilya Perekopsky, reportedly responsible for communication with investors for $ 1.7 billion pre-sales mark last year telegram, it should also be questioned on December 16 in London, states the order.

The third person who is registered to give pre-trial testimony is Shyam Parekh, an employee Telegram that has his name on letters Telegram for investors who leaked after the SEC sued the company, one of the investors to CoinDesk. Parekh deposition will be held on December 10, also in London.

The SEC sued Telegram in October, demanding TON blockchain messaging enterprise application project is stopped and tokens allocated to the project investor is not distributed. The regulator said that the telegram woul flooded the US market with unlisted securities and make them available to retail investors.

Telegram disagrees with the SEC, arguing that it is properly registered sale sign under Regulation D, and the token itself, once issued, “would just be a currency or commodity,” not security. Recently asked the court to drop the SEC action, rejecting all accusations by the agency.

However, the company agreed to postpone the launch of the project, which was previously scheduled for the end of October, until April 2020, so the SEC case can be solved. TON investors approved the delay, turned down an offer for a partial refund.

The project has still been progressing in the background, however, release the code for TON blockchain node in early September and instructed investors to produce their public keys and send them to the company’s scheduled distribution gram mark. The team has also released a desktop application purse for gram, walked on its test network.

Some previous exchanges have signaled their readiness to register grams, including Coinbase. According to court filings, the main custody provider for gram, Gram Vault, also has filed documents for listing on Poloniex token.

Chanpeng Binance CEO Zhao (CZ) recently told CoinDesk he believes projects like Libra and TON can not be stopped by regulatory action.

The New York next hearing in the case has been scheduled for 18-19 February 2020.

Deposition Order by CoinDesk on Scribd

Image via Shutterstock

This article is republished from coindesk.com. If you have any questions, objection or any other matter you can contact us. Thank you for visiting our website.

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