The Securities and Exchange Commission has accused Kik Interactive, which launched a cryptocurrency to be traded within its messaging app, of conducting an illegal securities offering.
The Securities and Exchange Commission has filed a $100 million lawsuit against Kik Interactive, which launched a cryptocurrency to be traded within its messaging app, for allegedly conducting an illegal securities offering.
The top financial watchdog in the U.S. accused Kik, which launched a digital currency to be traded within its messaging app, of conducting an illegal securities offering. The company's "Kin" token brought in more than $100 million in its 2017 offering. The gold rush was mostly driven by retail investors, which caught the attention of regulators who have repeatedly insisted that not registering tokens violates investor protection laws. Crypto entrepreneurs widely disagree, claiming that tokens should not be viewed by the same yardsticks as traditional stocks.
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