The United States Securities and Exchange Commission<a href="https://www.cryptoknowmics.com/crypto/australias-northern-star-to-buy-50-stake-in-kcgm-for-800-mln/"> legal comba</a>t with Telegram has become one of the most interesting court dramas of the 2019 crypto space. It appears that the case’ relevancy would remain historic; like the first time the Durov brothers desperately attempted to expand; but also as a lasting implication on the future of global fintech projects. An initial court decision had initially allowed Telegram to manoeuvre SEC in the provision of further banking records.

The messaging firm confirmed to comply and provide the records by January 15, but in a redacted form. However, the court had given them a deadline in late February. 
<h2>The Debate at Hand</h2>
Besides the implication of winning a legal case against SEC on future approval of digital currency projects in the US; the case would take shape against the backdrop of transforming blockchain industry. For instance, the<a href="https://www.tronweekly.com/google-coin-libra-and-big-corporations-foray-into-digital-currency/"> announcement of Facebook’s libra</a> was among the 2019 catalyst for rapid crypto-related changes. The shockwaves associated with a social media giant grappling with user privacy concerns and Bitcoin erupting from slumber; sent caution across the entire industry.

Chinese President Xi Jinping began his championing for development of blockchain technology in China. The Central Bank of China went into a further overdrive in the creation of digital currency. A move that softened the way for crypto adoption in the country and; a highlight of the potential implications of stablecoins on monetary policies. All this took shape like a frenzied scramble for gaining pole traction in a historic transforming sphere of influence in finance and technology. 
<h2>Telegram Token Sales Bank Records</h2>
The Telegram Open Network (TON) fueled its in-house digital currency to a position that it would be the first token-backed asset for mainstream use. Hence, for quite a while the Durov brothers had the lead for the sky, but Facebook’s entry into space; with potentially billions of users sent Libra to the sun. 

Meanwhile, SEC’s attempt to implicate Telegram’s $1.7 billion token sales saw both organizations battle over the publication of the firm’s bank records.  A District Court of the Southern District of New York announced through a January 13 filing, that Telegram had until 26th February to submit bank records. The only significant detail being allowing the firm to redact any number of information to the court in accordance with foreign privacy legislation.

Telegram Legal Battle with SEC hot on TON Bank Records

The United States Securities and Exchange Commision legal combat with Telegram has became one of the most interesting court dramas of the 2019 crypto space.

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Telegram Legal Battle with SEC hot on TON Bank Records

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