The New York court rules that Telegram won’t have to provide the SEC with the bank accounts information after the platform refused to share its financial records with the market regulator as we reported previously in the cryptocurrency news.
This year started really bad for Telegram as the SEC recently requested the company to provide them with all the financial records to explain what they did with the $1.7 billion raised for the TON blockchain. Telegram refused to share the private data and a few days later, the lawyers of the company filed an official motion for the court to deny the request. The New York court rules in favor of Telegram after they decided to dismiss the SEC’s demand. It reads that all of the parties had a telephone conference regarding the manner and the court ultimately denied ‘’without prejudice, the plaintiff’s application to compel the production of the defendant’s bank records.’’
Despite this, Telegram would still have to prove that the banking records comply with existing foreign laws:
“By January 9, 2020, the defendant shall set forth in a declaration a proposed schedule for a review of the requested bank records to ensure that production of such records complies with foreign data privacy laws.”
The company decided to publish a response about the rumors surrounding its TON blockchain and the future of the Grams cryptocurrency. One of the main topics included the statement which was explicitly targeting laws and regulations and it continues to say that the company is working to ensure that all of the requirements are met before the actual product ever reaches the actual user. The document also explains the application of the TON wallet which should be ‘’ made available solely on a stand-alone basis.’’
It is also interesting that it will not be integrated with the popular Telegram messenger service. The company doesn’t rule it out entirely but it says that the integration could happen in the near future ‘’to the extent permitted under applicable laws and governmental authorities.’’ The statement also mentions a few other notes including the decentralized nature of the future product and confirms that the GRAM token is being tested and is not available to buy it yet.
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