SEC's Win Over Kik Builds Needed Precedent For Crypto

Law360 (October 2, 2020, 6:50 PM EDT) -- The U.S. Securities and Exchange Commission's largely expected summary judgment win over Kik Interactive Inc. is the second ruling this year to provide some long-sought clarity on how cryptocurrency intersects with securities law.

The agency alleged in a June 2019 lawsuit that the Canadian messaging platform's 2017 sale of $100 million worth of its own cryptocurrency, Kin, violated securities laws because the offering was never registered with the SEC.

The case is one of two high-profile enforcement actions launched by the regulator since it began actively addressing whether transactions involving digital currencies are covered by federal securities laws. The other, against...

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