Telegram Founder Pavel Durov to Give Deposition in Gram Token Case

In the latest chapter of Telegram's legal battle with the United States Securities and Exchange Commission, the firm's founder Pavel Durov will give a deposition along with two Telegram employees.

Ilya Perekopsky, vice-president of Telegram, will testify as well.

The deposition of Shyam Parekh, a Telegram employee engaged in the $1.7 billion Gram sale, will be held on Dec. 10, 2019.

Durov will testify regarding the SEC's claims that Telegram engaged in the sale of unregistered securities when it sold its Gram tokens to vetted investors.

Following the SEC's accusations, Telegram filed a counterclaim on Oct. 16, where the firm argued that its native crypto is not a security and a request for a preliminary injunction against the firm should be denied.

As a result of the SEC's injunction against Telegram, the Telegram Open Network's long-anticipated launch on Oct. 31 was delayed.

Purchase agreements for the Gram token sale stipulated that if the network failed to launch by that date, investors in the token would be eligible for a refund, following a vote.

Telegram thus sent them a proposal to formally postpone the network launch or to return a portion of their funds.

Telegram's court appearance - which was initially scheduled for Oct. 24 - was postponed until late February 2020, as both the firm and the SEC explore the complexities of the case and whether there is one.

In a letter to investors published on Oct. 19, Telegram said that the rescheduling of recent hearings until Feb. 18-19, 2020 is a positive step toward its regulatory issues being resolved.