It looks like Kik won’t sue the SEC after all, founder Ted Livingston told CoinDesk.
In a widely circulated story, the Waterloo, Ontario, company had promised legal action against an expected regulatory action, but the odds that Kik will pursue that seem to be diminishing, even if the company’s legal expenses are not. Nevertheless, Livingston would prefer the SEC take any action rather than continuing to delay.
“What we’re saying to them is, ‘Stop dragging this out, if you want to go to court, if you think there is an infraction, then let’s go to court,’” Livingston told CoinDesk at Token Summit 2019 in New York City on Thursday.
Livingston’s remarks fell in line with a major theme of the summit itself: regulatory uncertainty.
The topic had also been a major theme last year and at the summit’s prior iteration in San Francisco. In fact, it has felt like the endless conversation in crypto ever since ERC-20 tokens created a new fundraising strategy: selling access to new networks, rather than ownership stakes.
Jae Kwon, of Cosmos, gave a generally positive view of regulators’ efforts, though he still noted gaps. He said it made a lot of sense for regulators to tamp down an ICO market that “wasn’t sustainable.”
Still, Kwon noted, “There’s a lot of innovation that’s always ahead of the regulators.”
An investor in the space, Ash Egan of Accomplice VC, said this continuing conversation about what’s legal is “taking mindshare away.”
He told CoinDesk:
“You have to actually think about: Do you want to engage,