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SEC Rejects Telegram’s Request to Conceal Investor Information

SEC Rejects Telegram’s Request to Conceal Investor Information

As the legal battles involving the Securities and Exchange Commission (SEC) and Telegram continues, the regulator has opposed Telegram’s request to withdraw information which identifies some investors who played non-investment roles.

Recently, the SEC sent a complaint, rejecting the appeal made by TRON Issuer and Telegram group, and other third-party investors to amend or seal certain parts of the documents or exhibits both parties have submitted in connection to the case.

The issue raised when defendants do not want some information about the investors revealed on public, however, the SEC insists that the information is very necessary in the case. The SEC says it consents to the sealing of information that would identify certain investors.

However, it is against the sealing of information from other investors whose roles transcend beyond investment. But Telegram is proposing the sealing of information on all types of investors, even those that played additional roles in Telegram offers, for example, the sale of Grams to third parties.

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The regulator pointed out that the firm has also requested to conceal information of some non-investors who are third parties, but who played important roles in the development of Blockchain and Telegram offerings. According to SEC, such information is related and vital to the case at hand.

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