Telegram Rips SEC Action As 'Regulation By Enforcement'

Law360 (November 13, 2019, 6:31 PM EST) -- The messaging app Telegram has laid into the U.S. Securities and Exchange Commission in a filing calling the agency's quest to block Telegram's planned $1.7 billion digital token delivery an improper "regulation by enforcement."

In an answer to the SEC's complaint, Telegram Group Inc. and its wholly owned subsidiary TON Issuer Inc. on Tuesday asked a New York federal judge to dismiss claims that their sale of 2.9 billion digital tokens, known as grams, was an unregistered securities offering that violated the Securities Act of 1933.

Though it has agreed to hold off on delivering the tokens to purchasers for the...

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