According to Cointelegraph, on March 6, Telegram directed attention to a recent case in a letter to P. Kevin Castel, US District Court Act for the Southern District of New York. The case undermines the SEC's ban on the company. Telegram believes that the California court's decision in the case filed by the plaintiff-"Siry Investment"-supported Telegram's position on the SEC. Telegram believes that the language used in its Gram token purchase agreement is similar to the language used in Siry's cooperation agreement.
Telegram said, "In the Sily case, these Gram clauses indicate that the economic reality of private placements is not to issue securities to the public in violation of U.S. securities laws." As far as the SEC is concerned, it disputed Telegram's claims and filed a lawsuit on March 9. The court submitted a letter. The Committee noted that Telegram's arguments “continued to make mistakes that ultimately led to a fatal reliance on labels rather than substance” and that the two companies “attended to cover up the actual economic realities and terms of the transaction in this case by quoting legally worded statements” Yet another illustration.