If you’ve been following crypto for a while, and especially if you’re in the US, you have your eyes on the SEC.
Are utility tokens securities? Will they approve an ETF?
These are questions that have gone unanswered for years now. Seems to me they’re just hiding under a rock. But Kik may force the issue.
Here’s the background:
Kik is a freeware instant messaging mobile app from the Canadian company Kik Interactive.
Kik launched a cryptocurrency called Kin in 2017.
The messaging platform then launched its fundraising initiative, an ICO that raised $97 million.
Kik was served a “Wells Notice” by the SEC a few months back, that stated its token should have been registered with their agency according to law and practice protocol.
Then, in January, the SEC claimed that Kik’s KIN coin is actually a security token, and that its ICO violated SEC regulations.
Kik is adamant that Kin is a currency, not a security token, and therefore should be out of the purview of the SEC.
Here’s where it gets interesting…
Kik has launched a crypto crowdfunding campaign to support a likely court battle with the SEC. And it’s looking to raise $5 million.
The crowdfund was announced by Kik founder and CEO Ted Livingston and Patrick Gibbs, a partner at law firm Cooley LLP.
It’s called Defend Crypto and has raised over $5.2 million so far.
I don’t think the SEC knows what it’s in for.
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