• Sun, 22 Sep 2019, 09:05 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

SEC twisted facts about $100M kin token sale, says Kik in its latest filing

Wed, 07 Aug 2019, 04:58 am UTC

In its response to the SEC’s June complaint, Kik has stated that the securities watchdog has twisted facts and taken comments out of context, CoinDesk reported.

In June, the Securities and Exchange Commission (SEC) sued Kik Interactive, the company behind the chat platform Kik, for conducting an illegal $100 million securities offering of digital tokens in 2017.

In its latest filing Wednesday, Kik has denied all allegations of the complaint and said:

“The Commission’s Complaint reflects a consistent effort to twist the facts by removing quotes from their context and misrepresenting the documents and testimony that the Commission gathered in its investigation. The result is a Complaint that badly mischaracterizes the totality of the facts and circumstances leading up to Kik’s sale of Kin in 2017.”

Kik’s attorneys have cited three instances showing how the regulator took quotes out of context and said that it is “a pattern that appears repeatedly throughout the Commission’s Complaint.” They said that the commission employed a strategy to “twist the facts, creating a highly selective and misleading depiction of the record.”

The filing further includes a paragraph-by-paragraph rebuttal of the arguments made by the SEC in its complaint.

Kik maintains that the kin token sale was not a securities sale. Speaking to CoinDesk, Kik CEO Ted Livingston said that the SEC was “playing dirty” by trying to “simply make [Kik] look bad,” adding:

“What really surprised us is just what lengths the SEC went to twist the facts. They cut quotes and [took them out of context] and that’s something we didn’t expect from the SEC.”

Livingston further said that both the plaintiffs and defendants have met with a judge in the U.S. Court for the Southern District of New York to decide on a timeline for going to trial. The SEC has reportedly asked for a date later this year, while Kik asked for a May 2020 trial date.

CoinDesk reported that the judge did not decide on the trial date, but chose Kik’s timetable on discovery, which will end by November 2019.

In May 2019, Kik launched Defend Crypto – a new campaign to fund its legal battle with the SEC. It said at the time that it was setting aside $5 million with Coinbase for the initiative, which also gained support from ShapeShift, Arrington XRP Capital, and others. The company later handed over Defend Crypto to the Blockchain Association.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,050.00 (+0.28%)
  • Ethereum (ETH) $208.65 (-3.59%)
  • XRP (XRP) $0.275500 (-4.86%)
  • Bitcoin Cash (BCH) $305.98 (-1.87%)
  • Litecoin (LTC) $72.25 (-1.28%)
  • Bitcoin (BTC) $10,050.00 (+0.28%)
Sep 20, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: LTC/USD Technical Analysis Summary
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Azerbaijan's State Customs Committee seeks to exchange information with global counterparts via blockchain
Coinbase considers listing 17 new digital assets including Kadena and Telegram
Crypto Technicals: ETH/USD consolidates previous session's gains, bias bullish above 200-DMA
US Congress’ upcoming hearing with SEC to focus on cryptocurrencies and Libra
Crypto Technicals: BTC/USD retraces from 3-week lows, resumes range trade, bias neutral
Square Crypto taps former Google, Facebook and Lightning Labs execs for inaugural developer team
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
Bank of America joins blockchain-based trade finance network Marco Polo
Patrick Byrne sells off his $100M Overstock stake to buy cryptocurrencies, blames 'deep state' and SEC
Early ethereum supporter Steven Nerayoff faces $12M cryptocurrency extortion charges
Crypto trader Genesis acquires Qu Capital to bolster trading technology
Crypto Technicals: IOT/USD Technical Analysis Summary
Pakistan's Faysal Bank becomes the country's first bank to adopt Ripple's xCurrent technology
All 7-Eleven stores in the Philippines now sell bitcoin, thanks to the new partnership of Abra, ECPay
Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients
IBM, Citibank, Ubisoft signed up as corporate partners of Singapore's blockchain accelerator Tribe
Sep 19, 2019 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.