Yesterday messaging app Kik filed its
response to the U.S. Securities and Exchange Commission’s (SEC) complaint. In June, the SEC claimed that
Kik’s $100 million ICO was an unregistered sale of securities and therefore illegal.
Kik’s 131 page
Answer sets out why the firm believes the 2017 sale of its blockchain-based currency Kin was legal. While the SEC said in June that Kin tokens were more of an investment than a currency, yesterday “Kik denies any suggestion that Kik “offered or sold securities” or violated the federal securities laws in any way”.
The Canada based firm’s CEO, Ted Livingston, claimed: “Our Answer demonstrates how the Commission has repeatedly twisted the facts to make its case, which it would not have done if it had strong evidence.”
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