Kik is hoping to go to trial in opposition to U.S. Securities and Alternate Fee (SEC) allegations that the corporate carried out an unregistered se
Kik is hoping to go to trial in opposition to U.S. Securities and Alternate Fee (SEC) allegations that the corporate carried out an unregistered securities providing with its 2017 kin token sale.
The SEC filed a status update on the authorized battle Thursday, offering a tentative schedule for the proceedings and detailing the events’ plans for scheduling some remaining depositions.
“Kik requests that the Courtroom set a trial date. The SEC takes no place on whether or not setting a trial date can be useful at this stage and submits that the matter can and needs to be resolved by dispositive movement,” the submitting reads.
The tentative schedule, assuming all depositions are capable of be accomplished by the tip of January, can be:
Kik has been trying to maintain a trial within the case because the summer season of 2019. CEO Ted Livingston told CoinDesk in August that Kik hoped for a Could 2020 trial date, however that the SEC had pushed for a later timeline.
On the coronary heart of the case is whether or not kin tokens, which Kik developed, had been securities in 2017 throughout the ICO. Kik raised $100 million from the sale.
The corporate has complained of a heavy monetary burden because the case started, promoting off its authentic Kik messaging platform and pivoting to focus solely on its cryptocurrency ecosystem.
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