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Blockchain Association Filed Amicus Curiae Brief To Support Kik

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  • The American Blockchain Association has filed a friend-of-the-court brief supporting the messenger startup Kik for his ongoing legal case with the Securities Exchange Commission (SEC).
  • Last month, the SEC appealed for summary judgment by claiming Kik’s ICO distributed unlicensed securities.
  • The association further stretched that the SEC is overlooking the significant variances in Kik’s activities and just like in Telegram’s Case the former has provided a bit transparency about its own understanding of whether the digital assets are securities.

The American Blockchain Association has filed a friend-of-the-court brief supporting the messenger startup Kik for his ongoing legal case with the Securities Exchange Commission (SEC).

SEC pointed out Kik’s ICO distributed unlicensed securities

The Association pointed out the brief on April 17 to the court that is looking the case and asking to deny the SEC’s motion for Summary Judgment and to resolve the case scrupulously, in order to avoid casting doubt on crypto ventures that so far appear before the court.

Last month, the SEC appealed for summary judgment by claiming Kik’s ICO distributed unlicensed securities.

SEC is overlooking Kik’s activities

Moreover, the blockchain association requested the court to initially decide if Kik’s ICO is authorized to investors and that the token sale to public buyers was a unified sale of securities, and also solicit the court do not go with the perspective taken in the Telegram case.

The association further stretched that the SEC is overlooking the significant variances in Kik’s activities and just like in Telegram’s Case the former has provided a bit transparency about its own understanding of whether the digital assets are securities.

The association has already filed two amicus curiae brief supporting Telegram by notifying that the SEC should not threaten the company for trying to comply with the regulation, that is selling the tokens to the authorized investors and filing them for exemption.

However several major crypto companies such as Binance, KuCoin, BiBox, BitMEX, and alleged crypto issuers Block.One, Quantstamp, KayDex, Civic, BProtocol, Status, and also the Tron Foundation are going through class-action lawsuits that had been filed earlier in April in a New York Federal Court.

These cases depict that various exchanges have sold unauthorized securities without a broker-dealer license and involved in the market operation.

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