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US court agrees with SEC that Kiks $100 million coin offering violated the law

2 min read
https://www.engadget.com/court-sides-with-sec-kik-initial-coin-offering-lawsuit-085529306.html

The judge wrote: “Kik yields that its issuance of Kin through the Token Distribution Event (TDE) included an investment of money by which individuals obtained or purchased Ether and exchanged Ether for Kin. Even more, he said that Kik proclaimed Kins profit-making capacity in public declarations and at public events, describing how investors can make in a method that satisfies the third element.In a statement, Kik CEO Ted Livingston revealed his disappointment in the ruling and declared the companys intention to combat back: “We are obviously dissatisfied in this ruling. In preparing for the sale of Kin, Kik retained advanced counsel (both in the United States and worldwide) to examine the law as we understood it, and we continue to think that the public sale of Kin was that of a practical currency and not a sale of securities.

The judge wrote: “Kik yields that its issuance of Kin through the Token Distribution Event (TDE) included a financial investment of money by which individuals acquired or bought Ether and exchanged Ether for Kin. Further, he said that Kik proclaimed Kins profit-making potential in public statements and at public occasions, explaining how financiers can make in a method that satisfies the 3rd element.In a declaration, Kik CEO Ted Livingston expressed his disappointment in the ruling and declared the businesss objective to battle back: “We are certainly dissatisfied in this judgment. In preparing for the sale of Kin, Kik maintained sophisticated counsel (both in the United States and globally) to examine the law as we understood it, and we continue to believe that the public sale of Kin was that of a practical currency and not a sale of securities.

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