Telegram has said that it takes five to seven weeks to collect information required by the U.S. Securities and Exchange Commission (SEC) regarding its token sale.
The SEC on January 2 requested Judge Castel to order Telegram to disclose bank records before or during the two deposit days of Telegram founder Pavel Durov January 7 to 8 in Dubai.
CRYPTO IN THE COURTROOM: @Telegram Said SEC Information Request Covers More Than 12 Nations Now SEC Cites Redacted Jan 7-8 Pavel Durov Deposition from Dubai, Says Countries Not Named @SDNYLIVE https://t.co/sm482cEH8m pic.twitter.com/qL0N0Nsj5s
— Inner City Press (@innercitypress) January 11, 2020
On January 6, Judge Castel refused to extend the deadline in the case but directed Telegram to, on January 9, submit a proposed schedule for disclosure or at least consider it to keep secrets from Bank records are required.
On the evening of January 9, Telegram’s law firm Skadden Arps wrote that SEC requirements included 770 individuals or organizations, and since September, they have only been able to look at 76, finding 12 jurisdictions. Reasonable. They want five to seven weeks to do the job.
In the case of the SEC against Telegram and the proposed crypto cryptocurrency, Federal Judge P. Kevin Castel held the exchange on the afternoon of January 6.
Telegram’s counsel, Alex Drylewski of Skadden Arps, on January 6, argued that the production of bank records would require consideration of the privacy rights of financial partners in 30 or more jurisdictions.
After the summary, there will be a live hearing on February 18, on both moves for preliminary orders and summary ruling. SEC’s Jorge Tenreiro refused to reinforce that with the trial on the merits. Telegram wants a bench trial, and says the SEC wants a jury trial.
Drylewki said that if the incident or threat of injury was not resolved by the end of April, the terms of the private position Telegraph would have to pay investors back.
Last week, the SEC called a court to force Telegram to provide a full banking record associated with the company’s $ 1.7 billion token sales. Telegram then refused to share the profile. Subsequently, the court refused without affecting the SEC’s request to obtain a complete bank file. And they also asked Telegram to provide a proposed schedule to review required bank records to ensure that the production of those records complies with foreign data privacy laws.
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