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Telegram, SEC Spar Over Legal Status of Firm’s Digital Tokens

Jan. 17, 2020, 4:49 PM

Telegram Group Inc. and the SEC filed competing motions for summary judgment in a New York federal district court case over whether the messaging app’s digital tokens qualify as securities.

Both parties told Judge P. Kevin Castel they ought to win because no material facts about the case are in dispute and the law is on their side. But they differ on whether a 73-year-old test for identifying securities places Telegram’s digital tokens, called Grams, within the Securities and Exchange commission’s purview, according to memoranda filed in the U.S. District Court for the Southern District of New York Jan. 15....

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