SEC Wins Bid To Halt Telegram $1.7B Coin Offering

Law360 (March 24, 2020, 6:41 PM EDT) -- A halt on Telegram's $1.7 billion initial coin offering will continue after a New York federal judge granted the U.S. Securities and Exchange Commission a preliminary injunction Tuesday blocking the messaging company from distributing its Gram tokens to investors.

Judge P. Kevin Castel of the Southern District of New York ruled that Telegram's planned distribution of Grams constitutes a securities offering under the Securities Act of 1933 and should not be afforded an exemption. He said the SEC had made a compelling argument that the sale of Grams to private investors was "part of a larger scheme to distribute those Grams into...

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