Telegram Notes Calif. Order As It Awaits Decision On Grams

Law360 (March 9, 2020, 6:03 PM EDT) -- Telegram Group Inc. has told a New York federal judge that a recent California state court order mirrors its position that its Gram tokens are not securities, as a decision in the SEC’s case against the messaging platform is eagerly awaited.

In a Friday letter to Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York, Telegram highlighted a March 3 decision in Siry Investment v. Farkhondehpour, which Telegram described as supporting its stance that the economic reality of the sale of the Gram digital tokens “undermines the SEC’s theory” that Telegram violated securities laws...

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