On Wednesday, the U.S. Securities and Alternate Fee introduced the tip of its lawsuit in opposition to Kik Interactive.The Canadian messenger app f
On Wednesday, the U.S. Securities and Alternate Fee introduced the tip of its lawsuit in opposition to Kik Interactive.
The Canadian messenger app fell afoul of the U.S. regulator for failing to deal with its sale of KIN tokens as a securities providing. A district choose confirmed the SEC’s view on the finish of September, however solely as we speak did the court docket see the ultimate judgment.
On account of as we speak’s judgment, Kik might want to pay the SEC $5 million in penalties and maintain the fee posted as to any capital raises for the following three years. On condition that Kik was a agency in monetary dire straits earlier than its preliminary coin providing (ICO) for KIN, it is an open query as as to whether it should survive.
Alongside the SEC’s victory over Telegram in the same ruling, many commentators have seen latest court docket choices as placing an finish to finish to Easy Settlement for Future Token contracts that have been the authorized framework for a lot of the biggest ICOs of latest years.