Copy link
Increase text size
Decrease text size
Link copied

New York judge orders 3 Telegram employees to give deposition including CEO Pavel Durov

Telegram CEO Pavel Durov has been ordered to give his deposition on January 7 or 8 regarding the case between the messaging app and the SEC.

Image: Unsplash

Wed, 27 Nov 2019, 03:22 am UTC

A judge has ordered that three Telegram officials should give their testimony on the on-going case between the messaging app and the Securities and Exchange Commission (SEC). District Judge P. Kevin Castel of the New York Southern District Court ordered the depositions on Monday, including Telegrams founder and CEO Pavel Durov.

The two others who will be giving their testimonies are Telegram vice president Ilya Perekopsky and Telegram employee Shyam Parekh. Among the three, Parekh’s deposition will be the earliest one, which is slated on Dec. 10.

Perekopsky will follow shortly after on Dec. 16. Lastly, Durov’s testimony will be given on Jan. 7 or 8.

The case moving forward

“The parties shall meet and confer in good faith regarding the time allotted for each deposition. The 30(b)(6) Deposition and the Durov Deposition shall be conducted before a court reporter designated by the court reporting service engaged by Plaintiff for the recording and transcription of depositions, may include a videographer, and will take place at the location agreed upon by the parties notwithstanding any provision of Fed. R. Civ. P. 28(b) to the contrary,” the order read.

In October, the SEC filed a restraining order against Telegram, halting its plan to launch the TON network, which would’ve released Gram – its native cryptocurrency – to accredited and sophisticated investors in the U.S. These investors participated in the $1.7 billion token sales conducted in 2018, which they purchased at a discounted price.

Gram’s classification still up in the air

Since the regulatory agency considers Gram as security, officials argue that releasing Gram to U.S. investors might expose the regular people to these tokens that have no idea what it’s about. These investors can sell the tokens they bought in the open market once they get their hands on it.

But Telegram argues that its native currency is not a security. Moreover, the firm said that it tried to cooperate with the SEC to seek guidance but the agency didn’t provide a clear definition of what would constitute a violation. The SEC’s filing of a restraining order led to the delay of Gram’s release, which has been moved to April 30 with consent from investors.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.