Kik Interactive SEC
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A Kik representative has said that the SEC’s action and its enforcement against Kik, Kin, or Waterloo will not adversely affect the individual ICO and cryptocurrency only. It will have a detrimental effect on the entire cryptocurrency industry.

What did Kik CEO Ted Livingston say about their Upcoming Legal Battle with US SEC?

 Kik CEO Ted Livingston has detailed about the SEC action against them and the upcoming legal battle with the regulatory giant of the Washington D.C. In his medium post, Livingston has said:

“This comes after SEC Chair Jay Clayton said: “I believe every ICO I’ve seen is security. That includes almost every cryptocurrency, from Ethereum on down. This is the thing that everyone in the industry is dealing with, but nobody wants to talk about. For all of us to be able to continue hiring, innovating, and competing, we need to change that.”

He went on to say:

“This situation is not unique to Kik. There are dozens of projects at a similar point with the SEC. We all believe that this industry needs regulation, but we also believe that this is not the way to get it.”

Kik Interactive SEC

SEC’s Definition of Securities Exclude Currency

Kik CEO Ted Livingston has pointed out that in the US Securities and Exchange Commission was created under the 1934 Securities Exchange Act. This act clearly says in its 11th page about the definition of securities. Per the definition, no currency should be included in the definition of security.

While highlighting the need for the entire cryptocurrency industry to worry about the SEC’s enforcement against Kin cryptocurrency, Livingstone said that Kin crypto is currently available on more than thirty apps, which the users can download from both iOS App Store and Google Play. He highlighted this crypto’s usefulness in buying goods and services in the real world. Kik CEO went on stress on the fact that Kin cryptocurrency is in the real sense a currency and thousands of people have already made payment with it in exchange of goods as well as services.  

 Conclusion

In a statement, Kik Interactive said:

“Our official Wells Response reinforces our position that the Commission will not and cannot demonstrate that Kin is security. We believed, and still believe, that we were in compliance with the application of federal securities laws to public token sales, even with the limited guidance offered by the Commission.”

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