Kik (All over again) Asks for Trial in Lawful Tussle With SEC In excess of Token Sale

Kik is hoping to go to trial versus U.S. Securities and Exchange Fee (SEC) allegations that the corporation performed an unregistered securities giving with its 2017 kin token sale.

The SEC submitted a standing update on the authorized struggle Thursday, providing a tentative routine for the proceedings and detailing the parties’ programs for scheduling some remaining depositions.

“Kik requests that the Court docket set a trial date. The SEC requires no posture on regardless of whether location a trial date would be handy at this stage and submits that the subject can and really should be settled by dispositive movement,” the filing reads.

The tentative routine, assuming all depositions are capable to be concluded by the finish of January, would be:

Kik has been searching to hold a trial in the case given that the summer season of 2019. CEO Ted Livingston explained to CoinDesk in August that Kik was hoping for a May possibly 2020 trial date, but that the SEC had pushed for a afterwards timeline.

At the heart of the case is regardless of whether kin tokens, which Kik created, were being securities in 2017 all through the ICO. Kik raised $100 million from the sale.

The corporation has complained of a significant economic stress given that the case started, selling off its unique Kik messaging system and pivoting to aim entirely on its cryptocurrency ecosystem.

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