Lawyers representing encrypted electronic messaging app Telegram have requested a United States court throw out governor calls for for its commercial enterprise institution accounts.
In a letter to Judge P. Kevin Castel on the Daniel Patrick Moynihan United States Courthouse in New York on Jan. 3, Skadden, Arps, Slate, Meagher & Flom LLP delineate the request from the Securities and Exchange Commission (SEC) as an "idle fishing expedition."
Bank accounts have "no bearing" on case
The SEC had demanded Telegram turn in particulars of the way it spent the return of its preliminary coin providing (ICO), which raised $1.7 billion.
Cardano Crypto
A letter to Judge Castel dated Jan. 2 resulted in Castel giving Telegram lower than a single enterprise day to reply.
"On behalf of Defendants, we write con to a T motion filed by (the SEC), quest to compel the production of voluminous and extremely sensitive bank records that have little to no bearing on the claims and defenses in this action and would impose undue burdens on Defendants," the newest letter reads.
The attorneys proceed:
"Plaintiff's letter misconstrues the legal issues in the case and omits critical facts. Defendants respectfully submit that Plaintiffs motion to compel constitutes an idle fishing expedition and should be denied."
Crunch time for Telegram
Castel will now resolve whether or not or to not sanction the SEC's letter to compel Telegram to half with the knowledge.
Telegram's newest debacle continues a prolonged authorized course of that has up to now did not lead to definitive motion.
The SEC has investigated many ICOs for securities violations, with Canadian electronic messaging app Kik's $100 million token sale likewise sparking a authorized battle. As Cointelegraph reported, the corporate was nearly compelled to fold in October final yr because of this.
Last month, SEC chairman Jay Clayton delineate the physique's method to the cryptocurrency sphere as "measured."
0 Comments