Kik, the Canadian software company published a 130-pages long filing as a response to the U.S. Securities and Exchange Commission (SEC)’s litigation of considering Kik’s ICO as an unregistered securities offering.
Major points in the case since 2017
- 2017 – Kik completes its $100 million Initial Coin Offering (ICO) sale for Kin token (its native token)
- November 2018 – US SEC proposes enforcement action against Kik and the whole Kin ecosystem
- January 2019 – Kik plans to fight back against US SEC’s proposed enforcement action
- May 2019 – Kik announces “DefendCrypto” campaign to allocate $5 million to fund a lawsuit against the US SEC
- June 2019 – US SEC sues Kik, alleging that it offers unregistered securities in the form of its native token, Kin
- August 2019 – Kik claims that SEC is repeatedly “twisting the facts of the case”.
It’s been over 18 months since SEC began investigating the matter of the Kik’s 2017 ICO. On August 06, 2019, Kik posted a 130 –pages long filing detailing the rebuttal of the SEC’s arguments. In the document, it also denies the core allegation that the company conducted an unregistered securities offering.
“SEC Twisting the Facts of the Case” – Kik
Kik, in the initial pages of the document, claims that SEC employed a “strategy to twist the facts”. It asserts that the SEC twisted the matter to create a “highly selective and misleading depiction of the record”. Kik also provided a few examples of how and where SEC employed a different approach in this case for its narrative purposes. According to CEO Ted Livingston, SEC was playing dirty when it sued Kik in June.