Southern District Court rejects SEC's application for Telegram to show full bank records

Yesterday, Judge P. Kevin Castel of the Southern District Court of New York signed an order vetoing the SEC's request to try to force Telegram to show complete bank records. Although the court rejected the plaintiff's request, it said the SEC could access certain requested information. In addition, as of January 9, Telegram must list the proposed timeline in the statement to review the requested bank records to ensure that such records are produced in accordance with foreign data privacy laws. The SEC requires Telegram to provide complete bank records and answer questions about Telegram's use of these funds. According to the SEC, the required bank records are highly relevant to the controversial issues in this case, including how much Telegram spent and how to integrate the Telegram Messenger application with TON in the development of the TON blockchain.