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Judge Grants SEC's Request And Halts Telegram’s Token Issuance

Ramsey Baker

Summary: A Judge from the Southern District of New York ordered messaging platform Telegram to hold back from releasing its gram cryptocurrency next month as originally planned, granting a request by the Securities and Exchange Commission (SEC). In a preliminary injunction dated March 24, U.S. District Judge P. Kevin Castel, stated that the SEC had showed ...

A Judge from the Southern District of New York ordered messaging platform Telegram to hold back from releasing its gram cryptocurrency next month as originally planned, granting a request by the Securities and Exchange Commission (SEC).

In a preliminary injunction dated March 24, U.S. District Judge P. Kevin Castel, stated that the SEC had showed a plausible case that Telegram sold unregistered securities. The regulator originally filed a lawsuit against Telegram in October 2019, claiming the company violated federal law by raising nearly $2 billion in a 2018 token sale.

By Ramsey Baker

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