Representatives of the canadian company Kik Interactive Inc., which in 2017 ICO spent nearly $100 million to launch its own cryptoeconomy in the mobile messenger Kik, intend in court to prove the Commission securities and exchange Commission (SEC) that the tokens Kin are not securities.
In comments to The Wall Street Journal’s founder and CEO Ted Livingston (Ted Livingston) explained that the regulator has a claim to the registration of offers and disclosures before conducting the ICO. However, he argues that in a similar situation with the SEC were dozens of other cryptoprocta, and although they all wished for the introduction of regulation, imagined it differently.
Livingston insists that Kin could not be considered a security since the law “On securities” does not apply to currencies, and, in addition, the token does not belong to this category according to test Howie.
Recall that in November last year, the SEC attempted to prosecute the organizers of unregistered ICO crypto project Blockvest failed. Judge for the southern district of California Gonzalo Curiel, the (Gonzalo Curiel) decided that the SEC is not enough legal grounds to tokens project was recognized as securities.