Kik Fights SEC, Will it Set Crucial Precedent For Crypto Companies?

Kik Fights SEC, Will it Set Crucial Precedent For Crypto Companies?

Despite the fact that Bitcoin and crypto assets are still down from their all-time highs, regulators the world over are more active than ever before in regulating this budding industry.
Earlier this year, the U.S. Securities and Exchange Commission (SEC), the financial regulators presiding over most crypto projects with their own tokens, aimed its sights at initial coin offerings (ICOs).

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Presumably due to its size and market impact, the SEC chose social media company Kik’s KIN ICO to target. But it seems that the Canadian crypto-friendly firm isn’t going down without a fight, releasing an impassioned response in the form of a 100-page legal dispute.

Kik Interactive has hit back at the Securities and Exchange Commission lawsuit – @techcrunch https://t.co/Wn7ivly2v1

— Kin Foundation (@kin_foundation) August 7, 2019

Kik Sued by SEC

For months now, Kik and the broader crypto community have been anticipating legal action. NewsBTC reported six months back that Ted Livingston, the chief executive of the firm, explained that his team is planning on fighting the SEC regarding its $100 million token sale that was not registered with the authority.

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