Messaging platform Kik Interactive is dealing with off with the U.S. Securities and Trade Commission in excess of its 2017 Kin token sale. The SEC alleges Kik violated federal securities legislation, whilst Kik maintains that kin is not a protection and its sale was legit.
Kik CEO Ted Livingston explained to CoinDesk on Wednesday that the SEC had taken offers out of context in its primary complaint, saying: “I think what amazed us is just how considerably the SEC twisted the specifics.”
“We knew we were openly tough the SEC when we released our Wells [Response],” he stated. “We stated ‘Hey, any person has to just take on the SEC.’”
To combat these allegations, Kik took the strange stage of rebutting each and every paragraph in the SEC’s complaint, furnishing context to sure reviews and addressing claims throughout a huge, 130-page filing.
Whilst there is no business timeline established for how the situation will proceed, Livingston stated a federal choose is leaning towards a fast discovery procedure, which may well conclude as before long as November 2019.
“We’re heading to try out to push this as a result of as fast as attainable,” he stated.
Graphic via CoinDesk Dwell