Telegram refers to a recent decision by a U.S. court that the SEC's argument that the company violated U.S. federal securities laws is erroneous.
The letter, which was sent by Telegram lawyers on Friday to Judge P. Kevin Castell of the U.S. District Court for the Southern District of New York, cites the March 3 decision of the California Court of Appeals. The trial itself does not involve cryptographic currency, as it is a legal conflict between parties to the agreement to repair and lease premises in a building in Los Angeles. However, Telegram believes that the opinion of the California court reflects the company's position in the case against the SEC.
The lawyers managed to find similar points in the wording of the agreement to purchase Gram tokens and the partnership agreement, which was considered by the California court.
"As in the Siry Investment case, the Gram token campaign did not involve the distribution of securities to the general public and thus did not violate U.S. securities laws. Telegram sought not to conduct transactions that would fit the securities laws", — the company writes.
Telegram lawyers are confident that while agreements to buy Gram tokens by accredited investors fall within the securities definitions as required by the SEC, tokens themselves are not.
"The purchase agreements had clear provisions stating that their execution could not violate the law, and each buyer guaranteed that they would distribute Gram tokens only in accordance with the securities laws and the terms of the purchase agreement", — the lawyers argue, drawing another parallel with the Siry Investment case.
The SEC responded by sending a letter on March 9 in which it responded to Telegram's arguments. The regulator indicated that the company "continues to try to use labels instead of the substance".
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