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SDNY Judge Castel Declines SEC Motion for Telegram Bank Reports Before CEO Deposition

By Matthew Russell Lee, Exclusive Patreon
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SDNY COURTHOUSE, Jan 6 – In the SEC's case against Telegram and its proposed Gram crypocurrency, Federal Judge P. Kevin Castel held a teleconference on the afternoon of January 6. Inner City Press was present and files this report.

    The SEC on January 2 asked Judge Castel to order Telegram to disclose bank records before or during its two day deposition of Telegram founder Pavel Durov January 7-8 in Dubai.

   On the January 6 teleconference, Telegram's counsel, Alex Drylewski of Skadden Arps, argued that producing the bank records will requiring reviewing the privacy rights of financial counterparties in 30 or more jurisdictions. More on Patreon here.

    Judge Castel declined to extend the deadlines in the case but directed Telegram to, by January 9, filed a proposed schedule to disclose or at least review for privacy the requested bank records. The deposition of Durov, it appears, will go forward without the bank records.

     After briefing, there will be an in-person hearing on February 18, on both the motions for preliminary injunction and for summary judgment. The SEC's Jorge Tenreiro declined to consolidate that with the trial on the merits. Telegram wants a bench trial, and says the SEC wants a jury trial.

  Drylewki said that if the case or threat of injuction is not resolved by the end of April, under the terms of the private placement Telegraph would have to give back the money to investors. Inner City Press, which after requesting it was present in Judge Castel's chambers for the teleconference, will continue to cover this case. It is SEC v. Telegram, 19-cv-0439 (Castel). More on Patreon here.


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