Court rules Kik’s 2017 ICO violated U.S. securities laws

Court rules Kik’s 2017 ICO violated U.S. securities laws

A judge has ruled that the $100 million ICO conducted by the Canadian messaging platform Kik in 2017 violated federal securities laws. U.S. District Judge Alvin Kellerstein has sided with the U.S. Securities and Exchange Commission (SEC), ruling that the Canadian technology firm Kik’s $100 million initial coin offering (ICO) violated federal securities laws.On September 30, Judge Kellerstein responded to both parties’ requests for summary judgment, determining that Kik’s 2017 token sale meets the definition of a securities issuance according to the Howey test, as the ICO participants had a....


Related News

Judge Rules Kik’s Token Sale Violated US Securities Law

A federal judge has ruled that Kik's 2017, $100 million token sale violated U.S. securities law, and wants to see a proposal for refunds.

ICO Aftermath: US Rules in Favour of SEC in $100M KIK Case – SALT to Reimburs...

A US court has ruled in favour of the US SEC after the regulator’s filing of a motion seeking summary judgment against Kik for violating the country securities laws. Kik, which raised $100 million from 2017 ICO, had filed its own motion of summary judgment but the court refused to grant this. In his judgment, US District Court Judge Alvin Hellerstein agrees with the US SEC’s contention saying “undisputed facts show that Kik offered and sold securities without a registration statement or exemption from registration, in violation of Section 5.” In a suit filed on....

Kik’s Token Survives SEC Battle, No Barrier to Exchange Listings, Says Kin Fo...

The Kin Foundation says both itself and the Kin token have survived the recently resolved court battle with the U.S. SEC over a 2017 ICO.

Florida class action lawsuit alleges Ripple violated securities laws

Already facing a suit from the U.S. SEC, Ripple is now accused of violating securities laws in Florida. Ripple Labs, a company behind the Ripple payment protocol and XRP-based products, is facing another lawsuit alleging the firm violated securities laws in the United States.According to a Jan. 25 court filing, Florida-based XRP investor Tyler Toomey has filed a civil suit against Ripple Labs and Ripple CEO Brad Garlinghouse. The lawsuit alleges that the defendants failed to comply with Florida securities laws by failing to register with the Florida Office of Financial Regulation.Toomey....

SEC Serves Fresh Lawsuit To Metamask Developer Consensys – What’s The Problem...

The US Securities and Exchange Commission (SEC) has instituted a lawsuit against Metamask developer, Consensys. The Commission alleges that the crypto firm violated securities laws by acting as an unregistered securities broker. Related Reading: Chainlink (LINK) To Hit New Highs? Analysts Predict $25 Target SEC Accuses Consensys Of Violating Securities Laws Using Metamask According to the court document, the SEC claims that Consensys has acted “as an unregistered broker of crypto asset securities through its MetaMask Swaps service” since October 2020. The Commission also accused the crypto....