US SEC filed an emergency motion to know how much it spent and in what manner the Telegram Messenger application will be integrated with the TON blockchain
But Telegram refuses to disclose its bank records and answer relevant questions
Last year, the SEC announced that Telegram and its Gram (GRM) token sale is an unregistered digital token offering
The US Securities and Exchange Commission (SEC) filed a court order on Jan. 2 asking a New York federal judge to compel messaging platform Telegram Group Inc. to hand over the details of how the alleged $1.7 billion raised in its Initial Coin Offering (ICO) have been spent.
In the emergency file motion filed on Thursday in the US District Court for the Southern District of NewYork, the SEC claims that the bank records are highly relevant to the ongoing case against Telegram, alleging the digital asset class was an unregistered securities offering.
“The requested bank records are highly relevant to the issues in dispute in this case, including how much money Telegram has spent, and in what manner, in developing the TON Blockchain, the Telegram Messenger application to be integrated with the TON Blockchain, and related applications.”
As per the filing, the agency is requesting for both documentation and testimony from Telegram regarding the use of the funds raised from investors and sources. SEC’s motion states,
“Defendants are now refusing to disclose the bank records concerning how they have spent the $1.7 billion they raised from investors in the past two years and to answer questions about the disposition of investor funds.”
Back in October, the SEC announced that Telegram and its Gram (GRM) token sale constitutes an unregistered digital token offering and consider it “unlawful”. The regulator filed a restraining order against the company and Telegram Open Network (TON).
At the time, Stephanie Avakian, the co-director of the SEC’s Division of Enforcement said,
“Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold.”
WAVES/USD trade has been moving in a consolidation manner to the south.
Placing or joining the WAVES/USD market now seems to call for an indecision trading psyche.
WAVES/USD Medium-term Trend: Bearish
Distribution territories: $2.80, $3, $3.20
Accumulation territories: $2, $1.80, $1.60
Waves price valuation hasn’t been able to come out of the slight selling pressure been exerted on it by the US dollar. As at now, the market movements to the south have been slowing down around the Bollinger Lower Band’s trend-line.
The 50-day SMA is located over the Bollinger Middle Band with a small space between them. The Stochastic Oscillators are now consolidating around range 20 to indicate that the downward market movement seems not to have been exhausted fully.
The cryptocurrency may soon begin a pull-up moving style to find a price point around the Bollinger Middle Band and the 50-day SMA that could suit the bears’ entry once again.
WAVES/USD Short-term Trend: Ranging
In the short-term run of the WAVES/USD market, price line has been dominated by a different number of lower lows than lower highs. The reason for that is justifiable by the fact that most of the crypto’s trading operations have been carried out below the trend-line of the 50-day SMA indicator.
The Bollinger Bands are as well flatly trending toward the east direction. The Stochastic Oscillators now attempting to crosshairs at range 40.
The market may continue to rise and fall in a range moving manner as long as the 50-day SMA is located over the market trading area. However, a break out of the SMA indicator could be an important notification that the bears would be losing out in energy in near time.
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