Golden Sentinel 丨 SEC wins lawsuit against Kik for violating the Securities Act

Golden Finance Blockchain News, October 1  Alvin Herlestein appears to be on the SEC's side in a lawsuit brought by the company Kik that brought a motion for summary judgment against Kik's $100 million initial coin offering (ICO) case that sparked a long-running legal battle.

On a motion for summary judgment by Judge Alvin Hellerstein, the Securities and Exchange Commission (“SEC” or The "Plaintiff") filed a lawsuit against Kik Interactive Inc. ("Kik" or the "Defendant") alleging that Kik's unregistered offering violated Section 5 of the Securities Act, and the parties continue to cross motions for summary judgment. Alvin Herlestein points out:

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The price of USDT on Huobi Global OTC is 7.20 yuan, with a premium rate of 1.95%. The USDT premium rate dropped slightly. [2020/4/14]

“As further described in this motion, I believe the indisputable facts show that Kik offered and sold securities in violation of Section 5 of the Securities Act without filing a registration statement or an exemption from registration. Accordingly, U.S. Securities The Trade Commission's motion for summary judgment was granted, while Kik's motion for summary judgment will be denied."

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Instant messaging app Kik raised nearly $100 million in 2017 through an Initial Coin Offering (ICO) sale of the token KIN, but the matter has drawn the attention of the U.S. Securities and Exchange Commission, which said Kik issued, The sale was an unregistered security, and Xiang first filed a lawsuit against Kik in July 2019, alleging that Kik sold KIN tokens to U.S. investors without registering the offer and sale as required by U.S. securities laws.

Jinse Finance live report Liu Bin from the Financial Research Office of Shanghai Free Trade Zone: Blockchain is helpful for fraud identification and risk prevention in the financial field: Jinse Finance live report, at the 2018 Fintech Shanghai Summit and Blockchain World Forum held today, Liu Bin, director of the Financial Research Office of the China (Shanghai) Free Trade Zone Research Institute, pointed out in his speech: "In the financial field, blockchain can play a role in fraud identification and risk prevention, eliminate double bookkeeping, or handle multiple claims from the same accident, Create ownership through digital certificates, reducing counterfeiting." [2018/4/19]

According to data from Messari, the price of the KIN token has plummeted since the asset was charged by the SEC. Afterwards, the company announced the dismissal of as many as 70 employees. The KIN digital token project did not progress smoothly. Last year, it encountered "technical problems" and delayed the release of KIN digital tokens indefinitely. The company's chief executive Ted Livingstone (Ted Livingstone) also revealed that its instant messaging app Kik may also be shut down.

In July 2020, Kik Inc. and the SEC filed arguments with the court on their respective motions for summary judgment in a virtual court hearing. The next step for the parties now is to jointly file a proposed judgment on injunctive and monetary relief by October 20, according to Judge Alvin Herlestein, who wrote in his motion for ruling:

"If the SEC and Kik cannot agree on a proposed judgment, their differences shall be noted in a single document, based on a separate statement in a separate letter, and filed on October 2020. submit this letter by the 20th of July."

Kik CEO Ted Livingston was disappointed by the judge's ruling, saying:

“We are disappointed with the ruling and are currently considering all possible options, including filing an appeal. Kik has always supported the SEC’s goal of protecting investors and is willing to comply with regulatory rules. As it prepares to sell KIN tokens, Kik The company hired experienced legal counsel (both in the U.S. and internationally) to analyze the law as we understand it, and we still believe that the public sale of KIN tokens is a utility token, not a sale of securities. Although the court ruled A setback for Kik, but this decision does not affect the KIN token and the growing developer ecosystem as we continue our efforts to make KIN the most-used cryptocurrency for mainstream consumers."

Part of this article is compiled from The Block

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