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The Case of KiK and Quest for Howey Test Change

The Case of KiK and Quest for Howey Test Change

KiK , a freeware instant messaging app from the Canadian Company KiK Interactive, will take on the SEC in an attempt to challenge regulatory measures by the US regulatory agency. No doubt, the inevitable battle between crypto developers and regulators across the world is picking up. The idea of decentralization was at collision course with the traditional centralized oversight in mainstream finance.

Background To The Campaign

Consequently, KiK is conducting a crowdfunding operation to help fight against the SEC. KiK is a messaging app; so you may naturally wonder what it has to do with the regulator. This platform also has its own native token. They conducted an ICO successfully in 2017. However, within weeks, the SEC issued regulations warning that ICOs may constitute illegal securities offerings. Unfortunately was among the wave of subpoenas the SEC sent to crypto projects last year.

People treating Kik's decision to challenge the SEC as a chance to relitigate the merits of ICOs are missing the point. This matters because the SEC hasn't brought a single contested ICO enforcement action for a pure regulatory violation. If they don't now, they never will.

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