Investors request to keep Telegram’s ICO information confidential

In today’s post, Primexbt blog will bring you information about an unnamed investment company temporarily called ‘Investor Z’ that is among the companies that are fighting with the Commission. US Securities and Exchange (SEC) requests not to disclose their investment strategy for Gram token as well as crypto

Specifically, there are 11 investment firms that do not want to make their proprietary analyzes of Telegram initial coin offerings (ICOs) public to the authorities. Investor Z thinks that publicly analyzing their strategy is like revealing the secret formula of Coca Cola.

This lawsuit will continue when the SEC has issued a ban on the distribution of Grams around the world, because under US law, Gram is also considered a security, a cryptocurrency.

Venture capital company does not want to make documents public

On February 4, Investor Z submitted a written request not to submit sensitive information such as the company’s identity, employee names, and its proprietary investment strategy.

Although the SEC has agreed that companies do not need to provide “names of existing and potential investors”, the adjudication body still requires Investor Z and certain investment companies to The ventures involved are still required to submit analytical documentation of the Gram issuance. According to Investor Z:

“The SEC considers that not disclosing the contacts of the parties involved is sufficient to protect their personal interests. The SEC is wrong.”

Investor Z and all related investment firms said their operations were “dependent on internal decisions regarding investments and other business strategies.”

“Therefore, […] they treat critical analytics like the secret recipe of Coca Cola or McDonald’s.”

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Possibility to impede future investigation

Investor Z makes three arguments for his claim to document confidentiality.

Firstly, the company asserts that the court “still protects the rights of the parties to keep confidential information” in the form of “trade secrets and other proprietary information”.

Second, the company also asserts that it “voluntarily provides information to the SEC as long as the information is not exposed”, not disclosing their information is more important than sharing information with the public.

Finally, the company warned that “rejecting the Application may undermine the SEC’s ability to enforce future law by suppressing the opinions of stakeholders involved in the investigation.” .”

In February, an anonymous venture capital firm ‘Investor Z’ submitted a similar offer on information security.