On May 28, it emerged that the creators of the kin cryptocurrency, the Kik platform, had launched what it calls the Defend Crypto fund. Establishing the new fund with an endowment of $5 million, Kik is calling on sympathetic members of the crypto community to donate cryptocurrencies, in case the initial $5 million isn’t sufficient to negotiate with the SEC and possibly “take them on in court.”
However, while there’s little doubt that Kik is absolutely serious about the possibility of fighting it out against the SEC in a legal setting, history suggests that the SEC won’t be budged from its view that kin is a security. But even if the two parties do eventually go to court, the legal opinion Cointelegraph obtained suggests that Kik has a good case, and that the commission should think very carefully before proceeding with any legal action.
‘Enforcement 40’ for 2020
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