Redactions are granted in the case of Telegram to protect participants of your ICO

30. Juni 2020 Von admin

A U.S. District Judge has approved most of the drafting requests received during the SEC’s suit against the courier company Telegram over its initial $1.7 billion coin offering (ICO).

The SEC took action against Telegram in October 2019, filing a temporary restraining order prohibiting Telegram from distributing its tokens.

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The SEC filed a cache of documents in support of its temporary restraining order, including approximately a dozen pieces of evidence that revealed the strategic considerations of the venture capital firms and investors that participated in the ICO and later cooperated with the SEC.

The documents were filed under a temporary seal to protect the privacy of nonparties to the lawsuit, but Judge Castel’s June 17 decision has ensured that significant portions of various pieces of evidence in the case will be permanently sealed „to protect the specific interests of nonparties.

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A dozen documents
Approximately a dozen documents have been drafted to protect the various VCs that cooperated with the SEC; there are two documents adjusted to identify ICO participants by pseudonym.

While the redactions were initially requested by ICO participants who cooperated with the SEC, Judge Castel approved the SEC’s proposed redactions which he described as „closely tailored“ to the requests „to protect the specific interests of those who are not participants.

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Documents relating to the SEC’s efforts to convince Telegram’s former financial advisor, John Hyman, to testify will also remain under seal, as will Telegram’s bank records.

Russia Lifts Telegram Ban
In response to the preliminary SEC order that was granted and the announcement of Telegram was delaying the launch of its Telegram Open Network (TON) until next year, the TON community launched its own blockchain. Since then, Telegram has abandoned its participation in the project.

The encrypted messaging company had a victory today, June 19, when Russian authorities announced that they would no longer attempt to block national access to Telegram; they described the platform as a key vehicle for information distribution, including updates regarding the COVID-19 outbreak.