The messaging app company based in Canada, Kik, will be battling the U.S. Securities and Exchange Commission over its 2017 ICO release. The SEC believes that the company’s digital token, kin, is an unregistered security. However, the CEO of Kik Ted Livingston, states that it works like a currency. Kik has already made about $100 million from its token sales. ICOs have been dwindling in number because of firm regulations. The final verdict on this case, could be serious for the crypto world. Livingston is arguing the case that the Securities Exchange Act of 1934 clearly says, ” the definition of a security ‘shall not include currency.'” He also shared that kin does not pass the Howey Test which is a test in the U.S. that concludes whether something is a security. The next step in this battle is for the SEC to determine if they will pass this along to the SEC commisioners so they can justify a case against Kik. Stay tuned.
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