Chat App Kik Says It Will Fight SEC Over Possible ICO Action – CoinDesk
- Updated Jan 28, 2019 at 12:42 UTC
Canada-based messaging app company Kik is planning to fight a likely U.S. Securities and Exchange Commission (SEC) enforcement action over its 2017 initial coin offering (ICO).
- According to a report from The Wall Street Journal on Sunday, Kik founder and CEO Ted Livingston said that the firm’s token, kin, works like a currency and is not “an unregistered security” as believed by the SEC.
- Livingston further said that kin does not satisfy the Howey Test, the U.S. standard for determining whether something is a security.
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