SEC Seeks Testimony from Telegram Advisor Amid Grams Tokens Controversy

A Serious Legal Tango

In a surprising twist of events, the United States Securities and Exchange Commission (SEC) has turned to the High Court of England and Wales, requesting that John Hyman, Telegram’s former chief investment advisor, testify regarding the company’s Grams tokens offering. This legal move, unveiled in documents submitted to the U.S. District Court for the Southern District of New York, showcases the SEC’s ongoing battle over the classification of these digital tokens.

Are Grams Tokens Securities? The Big Question

The crux of the matter lies in whether or not Telegram’s Grams tokens are considered unregistered securities. The SEC firmly believes they are, claiming that while Telegram made promises related to its Grams Purchase Agreements, it didn’t quite extend the same assurances to the tokens themselves. To add fuel to the fire, the SEC bluntly states that Telegram doesn’t qualify for the exemption from registration under Regulation D. So, are we looking at a classic game of “hide and seek” in the legal world?

A Seat at the Table

The reason behind the SEC’s request for Hyman to testify is his key role during Telegram’s fundraising efforts. With conversations held with more than a dozen investors in the Telegram Open Network (TON), he seems to hold the golden key, or maybe just the proverbial hot potato, in shedding light on Telegram’s dealings. Pavel Durov, the CEO of Telegram, previously described Hyman as the engine behind the distribution of Grams. A testament to his vital role, wouldn’t you say?

When Silence Speaks Volumes

Despite initial cooperation, things took a turn when Hyman’s legal team stopped returning the SEC’s inquiries. The SEC’s attorney had reportedly reached out to discuss Hyman’s deposition, only to encounter the dreaded radio silence. You know, when multiple emails and phone calls go unanswered—one of the classic signs of “I really don’t want to talk about it.” This has only heightened the SEC’s determination to seek out documentation concerning Hyman’s interactions with Telegram’s leadership and investors, as well as details about his own investments in Grams. Can we call this a legal scavenger hunt?

A Celebrity in the Mix?

Among the SEC’s trove of documents, a curious twist emerges—a series of email exchanges between Durov and potential buyers of the Grams token. Surprisingly, one of the communicants is a partner at Kleiner Perkins named Mamoon Hamid, who was introduced to Durov by someone named Jared Leto. Yes, that could very well be THE Jared Leto, the singer and actor, sporting a rather fancy official email address. But let’s be honest, what’s a drama without a dash of celebrity intrigue?

The Final Countdown

As the SEC pushes forward in its quest for clarity regarding the Grams tokens and their legal standing, the fate of John Hyman’s testimony now sits at the crossroads of legal obligation and personal discretion. Will he choose to spill the beans? One thing’s for sure—this case is turning heads and raising eyebrows across the board.