SEC submitted new documents against Telegram to the court, according to which the company sold tokens after the end of the ICO. The regulator is trying to prove by this that Telegram’s statements about the absence of the need to register its proposals are not justified. Investment fund Da Vinci Capital and Gem Limited company requested remuneration of $ 209,783 and $ 1.1 million for “subsequent sales” of token purchase agreements, the documents said.
The SEC’s argument is that, according to rule D, Telegram had to take measures to prevent buyers from selling securities for a commission.
According to the regulator, the companies that issued Telegram invoices violated this rule. Telegram, in turn, denies this, arguing that the fees were for finding funds for non-US individuals and legal entities for providing Gram to other investors.
The SEC sued Telegram in October 2019, demanding that the TON launch should be canceled. The next meeting between the parties will be held on February 18-19, 2020.