The messaging service provider Telegram has ceded to the requests made by the U.S. market regulator, the Securities and Exchange Commission (SEC) and will release relevant banking records to the SEC, Cointelegraph reports on January 14th.
The SEC has requested that the messaging service provider Telegram delivers bank records pertaining to the initial coin offering of their GRAM tokens, which have been proclaimed an unregistered securities offering by the regulator. The court decided Telegram has until February 26th to provide the documents while the company is claiming it will release it by January 15th, along with a redacted version for the public.
We could be witnessing a shift in the way the popular messaging service is treating SEC's accusations - by agreeing to cooperate, they could be looking to secure some kind of a settlement with the regulator in the future. While the bank records are not likely to produce concrete evidence against the company, it could support SEC's claims to some extent. Thus a settlement would come as a relief to the company which managed to raise USD1.7bn, which should take care of any fines without issues, while at the same time counting on the continued support from its investors, which have already voted not to file for a refund of money invested.