SEC Faces Several Hurdles In Telegram ICO Case

Law360 (February 11, 2020, 4:42 PM EST) -- Next week, a New York federal district judge will be hearing arguments on perhaps the first real threat to the U.S. Securities and Exchange Commission’s unblemished track record in its crackdown on initial coin offerings.

The threat comes in the form of competing summary judgment motions filed by the SEC and the defendants in SEC v. Telegram Group Inc.[1] The case was filed in October 2019, when the SEC secured a temporary restraining order putting an end to what it called an illegal sale of securities that had raised $1.7 billion and was gearing up to raise even more.

The U.S....

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