The statement comes a few days after Telegram’s lawyers requested a United States court to reject a demand by the SEC to reveal the details of how the firm spent $1.7 billion raised in its initial coin offering in 2018. As reported by Cointelegraph, Telegram argued that the SEC’s request was nothing but an “unfounded fishing expedition.”
The new request by the SEC is part of the regulator’s emergency action against Telegram brought up in October 2019, a few weeks before the planned launch of the TON. While the SEC believes that Telegram violated securities laws by conducting its $1.7 billion Gram token sale in 2018, Telegram denies that Grams are securities.
According to a study, the TON network’s value is expected to surpass $20 billion over five years.