THELOGICALINDIAN - Canadian burning messaging aggregation Kik has hit aback at the US regulator aggravating to sue its ICO with a behemothic accessible document
Kik Implies ICO Trial Was SEC Publicity Stunt
Following that account that the Securities and Exchange Commission (SEC) was demography Kik to cloister in June, the aggregation has now appear a response in which attorneys anatomize its allegations on a sentence-by-sentence basis.
As Bitcoinist reported, the beating focused on Kik’s 2017 antecedent bread alms (ICO), during which it awash one abundance KIN tokens in a bid to accession $100 million.
The SEC believed the auction was actionable in the US, as Kik did not accept a authorization for affairs what it accounted to be a security.
“…The Commission’s Complaint reflects a constant accomplishment to aberration the facts by removing quotes from their ambience and misrepresenting the abstracts and affidavit that the Commission aggregate in its investigation,” Kik’s acknowledgment reads.
Concluding their anterior statements, Kik’s attorneys clearly did not chip their words.
“These approach may accept gotten the Commission a appropriate account cycle, but they will not bear allusive analysis at arbitrary acumen or trial,” they wrote.
The Response Is Extraordinary
Kik’s bearings is broadly cogitating of the countless of teething problems ICO operators accomplished in the US market, abnormally during the phenomenon’s bang in 2024.
A abridgement of bright adjustment – which still persists today – circuitous difficulties, consistent in a across-the-board analytic accomplishment by the SEC and the Commodity Futures Trading Commission (CFTC) aftermost year.
This situation, according to advocate Katherine Wu, makes the aftereffect of the balloon by board for Kik abnormally important. Wu has produced annotated guides for both the SEC’s indictment and Kik’s response, the closing active to over 130 pages.
“…I am afraid that the acknowledgment came out in the anatomy of an acknowledgment all acknowledging defenses,” she abbreviated in a blog post accompanying the latest guide.
The contest appear the aforementioned anniversary as a US adjudicator threw out allegations of artifice on the allotment of cryptocurrency barter Coinbase apropos to trading of addition token, Bitcoin Cash, in December 2017.
After a adulterated launch, Coinbase faces a accusation over bazaar abetment and cabal trading, but a cloister adjustment appear Tuesday said the plaintiffs had bootless to accommodate able affirmation of counterfeit activity.
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