Judge approves final judgment in Telegram case; firm will return $1.2 billion to investors.
On June 26, Judge Kevin Castel signed the final judgment in the SEC v. Telegram case, which will require Telegram pay back $1.2 billion to investors in their ICO for the failed Telegram Open Network.
Cointelegraph reported on the final judgment proposed yesterday. What has changed is the approval of the court, putting an end to a legal drama that began with the SEC ordering a stop to Telegram’s impending distribution of GRAM tokens.
Per the SEC’s announcement on today’s approval:
“New and innovative businesses are welcome to participate in our capital markets but they cannot do so in violation of the registration requirements of the federal securities laws.”
How exactly Telegram or any other potential ICO issuer could appease the SEC at this point remains an open and much-discussed question.