Telegram Strike from SEC, Preserved by Judge
A United States federal judge has preserved a move to strike Telegram. Recently, the Securities and Exchange Commission (SEC) made a blow the firm’s ‘void for vagueness/lack of notice’ defense.
In a letter dated November 25, the SEC moved to strike the proposed defense of Telegram as being not enough under federal law. After that, on November 26, Judge P. Kevin Castel ordered the motion to preserve it for 14 days. As a result, this is until after the discovery period of the proceedings has finished.
Earlier in October, the SEC stated that the $1.7 billion Gram (GRAM) token sale of Telegram was illegal based on U.S. securities laws.
Last November 12, Telegram filed a claim with the U.S. District Court of the Southern District of New York. Telegram is requesting the court to dismiss the SEC’s case against the encrypted messaging firm.
Telegram indicated that the SEC failed to give “clear guidance and fair notice of its views as to what conduct constitutes” a breach of the federal securities laws.
In addition to that, Telegram also said the SEC had embraced an ad hoc legal position. This is counter to judicial precedent and the publicly expressed views of its high-ranking officials.
Then, Telegram indicated that the law did not sufficiently define an investment contract, represented by its Gram tokens. And this gave the firm a reason for relief.
Bitcoin’s Price Mark
On Wednesday, crypto markets further improve, with Bitcoin’s (BTC) price mark displays signs of recovery as it made its way back to over $7,500.
Aside from that, Bitcoin began Wednesday at $7,190. Then, during the day, it found an intra-day low of $6,900 before moving up to its recent trading price near $7,540.
Horus Hughes, a Cointelegraph contributor, stated that Bitcoin might jump to $7,800 and even up to $8,100 price mark. Moreover, this is before the coin encounters any significant overhead resistance.
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