WSJ: Kik Expects SEC to Come Knocking Over Kin ICO
- ’s lucrative 2017 ICO, expects the U.S. Securities and Exchange Commission (SEC) to deem kin an unregistered security.
- Now, Livingston has said Kik is ready and will fight the U.S. securities regulator’s pressing of unregistered security status upon the kin ICO, a strategy that if brought to bear will be a far cry from other smaller ICO plays’ cedings to the SEC in recent months in exchange for enforcement leniency.
- A ruling in the Commission’s favor would suggest many more tokens offered in the past two years could eventually have their day with the SEC, at least as far as America’s nook of the cryptoeconomy goes.
- Accordingly, per the FCA’s proposed cryptoasset definitions, Kik’s kin token would almost certainly not qualify as a security in the U.K.
Contrast that with America and the SEC’s mandate, as per the WSJ the Commission reportedly feels it has a strong case to make regarding the kin ICO being an unregistered security offering under U.S. law.
Read full article: bitsonline.com