Messaging platform Kik Interactive is dealing with off with the U.S. Securities and Trade Fee over its 2017 Kin token sale. The SEC alleges Kik violated federal securities legislation, whereas Kik maintains that kin isn’t a safety and its sale was reputable.
Kik CEO Ted Livingston advised CoinDesk on Wednesday that the SEC had taken quotes out of context in its unique criticism, saying: “I believe what stunned us is simply how a lot the SEC twisted the information.”
“We knew we had been overtly difficult the SEC once we revealed our Wells [Response],” he mentioned. “We mentioned ‘Hey, any individual has to tackle the SEC.’”
To fight these allegations, Kik took the uncommon step of rebutting each paragraph in the SEC’s criticism, offering context to sure feedback and addressing claims all through a large, 130-page submitting.
Whereas there isn’t a agency timeline set for a way the case will proceed, Livingston mentioned a federal choose is leaning towards a speedy discovery course of, which can conclude as quickly as November 2019.
“We’re going to attempt to push this by means of as quick as doable,” he mentioned.
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