SEC Seeks Quick Win In Kik $100M Unregistered ICO Suit

Law360 (March 20, 2020, 9:29 PM EDT) -- The U.S. Securities and Exchange Commission urged a New York federal court on Friday to grant it a quick win in a case accusing Kik Interactive Inc. of conducting an unregistered initial coin offering of $100 million worth of its Kin cryptocurrency in 2017, $55 million of which was bought by U.S. investors.

The SEC asked the court to grant summary judgment against Kik, arguing that the Canadian mobile messaging company had no excuse for violating Section 5 of the Securities Act of 1933.

Kik has argued that Kin is a currency, not a security. But the SEC said "undisputed evidence"...

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