WASHINGTON (Pakistan Point News / Sputnik - 01st April, 2020) The instant messaging service company Telegram has lost an appeal against a Securities and Exchange Commission (SEC) ruling barring it from distributing its gram cryptocurrency, a US Federal Court of Appeals in New York announced on Wednesday.
"Telegram's new proposals are raised long after the pre-injunction discovery period has closed and, as such, the SEC has been deprived of the opportunity to challenge their efficacy through expert testimony or other evidence," the Federal Court of Appeals said.
The Telegram messaging platform had appealed a US court ruling prohibiting it from distributing its gram cryptocurrency. The ruling granted a preliminary injunction request filed by the SEC, which sued Telegram last October.
In granting the SEC's motion, the Federal Court of Appeals adopted the exact language of the preliminary injunction proposed by the SEC over five months ago, Wednesday's ruling noted.
