Telegram again urges the court, who want to prohibit the distribution of tokens.
The lawyers claim that the interim measures issued by judge Kevin Castel are limited to US-based buyers only.
The telegram company states that more than 70% of the investors who that ICO bought, through the contract were from abroad.
The issuer of the Gram tokens has therefore questioned the SEC’s , as the agreements were with non-US parties and included provisions on foreign rights.
“Defendants respectfully seek clarity with respect to the scope of the injunction, see Fed. R. Civ. P. 65(d); in particular, that the Order does not apply to Defendants’ Purchase Agreements entered into abroad with non-U.S. Private Placement investors not subject to U.S. securities laws,”said telegram company in court proceedings
The SEC halted the launch of the Telegram Blockchain (Telegram Open Network) and the distribution of Gram tokens this week when a federal judge said they were implementing an unregistered offer of securities that violated their US laws.
“Considering the economic realities under the Howey test, the Court finds that, in the context of that scheme, the resale of Grams into the secondary public market would be an integral part of the sale of securities without a required registration statement,” said Judge P. Kevin Castel
Source: FINANCE MAGNATES