Telegram said it would take five to seven weeks to gather information on the sale of its tokens as required by the Securities and Exchange Commission (SEC). Telegram's law firm Skadden said the SEC's request covered 770 individuals and entities in 12 countries. Skadden has only been able to review 76 entities since September, so more time is needed to review all entities.
Earlier news, New York District Court Judge P. Kevin Castel 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.