SEC's Token Issuer Case May Help Define Crypto Market

By Teresa Goody Guillén, Jonathan Forman and Robert Musiala (June 5, 2020, 6:16 PM EDT) -- On May 8, the U.S. Securities and Exchange Commission and Kik Interactive Inc. finished briefing their cross motions for summary judgment, which were previously filed on March 20, with opposition briefs filed on April 24.

The SEC v. Kik briefing totals more than 400 pages of arguments by the parties in the SEC's court challenge to Kik's actions in raising funds through simple agreements for future tokens, or SAFTs, and Kik's 2017 public sale, valued at approximately $100 million, of Ethereum-based ERC20 tokens, known as Kin.

How the court responds to the parties' competing arguments could have significant implications for the legal...

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