SEC And Kik Rip Each Others' Args Over $100M Token Sale

Law360 (April 27, 2020, 8:28 PM EDT) -- The SEC and Canadian messaging company Kik Interactive Inc. pointed out the deficiencies of each other's arguments over the application of securities law on the latter's $100 million sale of digital tokens in briefs filed in New York federal court Friday.

After filing motions for summary judgment on March 20 in the U.S. District Court for the Southern District of New York, the U.S. Securities and Exchange Commission and Kik filed oppositions highlighting their disagreements over the application of federal securities laws to digital tokens, with Kik arguing that of the 308 material facts put forward by the SEC, "there are factual disputes as to...

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