Newly published court documents reveal that an anonymous venture capital business firm identified every bit "Investor F" sought to have evidence redacted from the first court hearing for the dispute betwixt the United states of america Securities and Substitution Commission (SEC) and Telegram.

On Feb, 18, Investor F asserted that emails directly requested past the SEC incorporate "confidential and commercially sensitive documents" detailing the firm's strategic considerations regarding prospective cryptocurrency investments and custody solutions. The request states that the business firm operates in a "highly competitive market" in which "discussions about investment strategy are commercially sensitive."

Investor F sought that the SEC be permitted to "redact both the commercially sensitive information contained therein, every bit well as whatever identifying data from Exhibit B, including Investor F's name, the names of its employees, and other references throughout the document that would enable Investor F's competition to discern its truthful identity."

'The Tenreiro Letter'

Specifically, the VC business firm discusses "the Tenreiro Letter," which "reflects a lengthy and noun internal give-and-take during Nov 2022 amid Investor F personnel relating to the Telegram bargain."

The Tenreiro letter, which is included among bear witness confronting Telegram brought forrad past the SEC, is said to contain confidential discussions regarding evaluations as to whether the firm should participate as a validator on the Telegram network, and the evaluation of prospective custody solutions for storing Gram tokens. Investor F asserts that the electronic mail give-and-take was kept confidential due to such constituting "valuable business secrets":

"That evaluation process requires Investor F's personnel to take frank and open internal discussions most investment strategy—including by email—which may bear upon the corporeality of Investor F'due south potential investments, the benefits and risks of certain investments, and how to handle technical issues that may be unique to certain opportunities."

The firm asserts that information technology is appropriate to seal confidential proprietary data where disclosure would cause competitive harm to whatsoever party or non-party, arguing that "courts have repeatedly granted confidential treatment to sensitive business information where disclosure would cause the producing party competitive harm" in the past.

Judge to determine Telegram instance by Apr 30

Telegram's initial coin offering (ICO) for its forthcoming Telegram Open Network was halted past the SEC last Oct for alleged violations to the Securities Act of 1933.

The post-obit week, an injunction was imposed blocking Telegram from distributing its Gram tokens to investors — which was extended until April thirty following the case's first hearing on Feb. xix.

A clause in the Gram buy agreement states that ICO participants can claim a refund if Telegram does not launch the network before that date, however, the Feb. xix hearing saw the deadline postponed for the second fourth dimension.