Telegram intends to challenge the court decision to ban the distribution of Gram tokens
Telegram intends to challenge the decision of the American court banning company distribute Gram tokens.
“IN this notice the defendants in face Telegram Group Inc. and TON Issuer Inc. ask the Second Circuit Court of Appeals USA undo decision, adopted on 24 March 2020 of the year, according to which petition by the plaintiff represented by the Securities Commission and exchanges USA (SEC) on imposition temporary injunction It was satisfied, “the document says, signed by Telegram lawyer Alexander Drylevsky.
Experts, but, Telegram’s chances of success are low. Seward Lawyer & Kissel LLP Philip Mustakis, formerly employed by SEC, in conversation with Cointelegraph stated: “The standard appeal procedure is based on the judge’s abuse of the right to act by his discretion. This is a high demand. Telegram have to prove that the district court made obvious errors in the interpretation of the facts or the law “.
Judge Kevin Kastel in his decision from March 24 supported arguments The SEC, noting that the regulator “has demonstrated a significant likelihood of success in proving Togo, that the contracts in question are part more large scheme for the distribution of Gram on the secondary market“.
“Given the economic realities of the Howie test, the court believes that in the context of this scheme, the resale of Gram on the secondary open market will become an integral part of the sale of securities without the required statement on registration “, – wrote is he.