July 21, 2024

Blockchain Association supports Telegram in court

Blockchain Association supports Telegram in court

American advocacy group Blockchain Association, which includes startups such as Coinbase, Circle, 0x and Ripple,acted as a “friend of the court” in the SEC v. Telegram case. – amicus curiae.

Amicus curiae is a legal document thatallows the party not involved in the trial to express their professional opinion or assessment of the current case. Over the past few days, this is the second amicus curiae in support of Telegram.

In its conclusion, the Blockchain Associationasserts that Telegram has made sufficient efforts to comply with the SEC's criteria, and notes that the regulator's lawsuit could harm both Telegram investors and the crypto market as a whole. 

The document notes that Telegram managementover the course of a year and a half, it adjusted its plans at the direction of the SEC, provided all the necessary information to the regulator and listened to its recommendations. However, the SEC still filed a lawsuit, without specifying in the lawsuit the consultations with the commission that preceded the start of sales of Gram.  

Blockchain Association asks court to acceptattention to the interaction of Telegram with the regulator and not to consider the Gram token as securities. The next SEC v. Telegram hearing is scheduled for February 18th.

Let us remind you that the Securities and Exchange Commission recently filed a lawsuit against another ICO – Opporty.