Telegram Cites US Court Case Against SEC
Telegram has looked to a recent US court ruling to prove the SEC’s arguments in the current Gram token sale are wrong..
On Friday, Telegram’s lawyers sent a letter to the court, in which they referred to the decision of the California Court of Appeals of March 3. It is not directly related to cryptocurrencies: it is about a legal conflict between the parties to the agreement on the repair and lease of premises in a building in Los Angeles. Nevertheless, Telegram is confident that the opinion of the Californian court supports its own position in the case against the SEC..
Lawyers found similar clauses in the wording of the agreement for the purchase of Gram tokens and the partnership agreement, considered by the California court.
“As in the Siry Investment case, the Gram terms demonstrate that the economic realities of our private placement were not about distributing securities to the general public in violation of US securities laws,” the company writes. “These conditions reflect the uncertainty of this issue and indicate a desire not to participate in transactions that would bring them under the securities laws.”.
Telegram’s lawyers insist that even if token purchase agreements are viewed by the SEC as securities, Gram itself is not. Drawing another parallel to the Siry Investment case, they note: “Purchase agreements were clear-cut clauses stating that performance could not“ violate any conclusion, statute, rule or regulation, ”and each buyer ensures that will sell Gram only “in accordance with applicable securities laws and terms of the purchase agreement” “.
The SEC responded to Telegram’s arguments in a March 9 response letter, stating that they “continue the defendant’s false and ultimately fatal tendency to use labels instead of substance.”.
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