Annotated Guide to the SEC's Complaint against KIK
This morning, the SEC announced that it was suing Kik Interactive Inc. for conducting an illegal $100 million securities offering of digital tokens.
The TLDR: the SEC is going after Kik for issuing unregistered securities— but more importantly, this is one of the biggest legal battles that we will see since the whole 2017 ICO boom. A lot of previous cases and projects have settled with the SEC, but I have reason to believe that KIK is most likely to actually go to court with the SEC on this battle. After a lot of pushback (including a Wells response and a legal funding campaign that Kik started), the SEC finally decided to sue Kik in a 49-page complaint that was dropped today.
If Kik refuses to settle, this will go to a jury trial in the SDNY- which means that understanding the facts is super important. Happy reading, and may the best man win.
thanks for reading, and always remember that none of this is legal advice. if this is helpful to you, feel free to share!
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