Telegram lawyers will need up to two months to prepare information for the SEC

Lawyers representing Telegram in court said it would take them five to seven weeks to prepare the financial documentation requested by the US Securities and Exchange Commission (SEC).

In the process of collecting information about the saletokens, lawyers need to analyze about 4,600 transactions in which 770 legal entities and individuals from at least 12 countries took part. In order to provide the regulator with the requested bank records, it will be necessary to take into account the legal basis of each of the jurisdictions represented, and not violate the requirementstheir privacy laws.

At the same time, the law firm previouslyI had not encountered the legal frameworks of some of the countries represented, so I requested additional time to respond. Since September, a total of 10% of the data has been selectively analyzed.

SEC sues Telegram in October 2019for the illegal sale of Gram tokens. Since then, the company of Pavel Durov has been trying to refute the allegations, citing the fact that common digital assets are not securities, goods or currency, therefore, they are not subject to the requirements of the relevant federal law.

Even despite the delay on the part of lawyers, Telegram can still have time to resolve all issues with the regulator before April 30, the deadline for the launch agreed upon with investors.

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