Regulatory Series on Cryptocurrencies: What's Cooking Between US-SEC Versus Kik

SEC had sued Kik Interactive Inc. in New York federal court in June, alleging it conducted an unauthorized ICO activity when it offered $100 million worth of its cryptocurrency Kin in 2017, $55 million of that was bought by the U.S. investors.

With response to the above lawsuit, Kik has countered that the US regulator has misrepresented and distorted factual information and taken comments out of context, CoinDesk reported. Generally, the US regulator seemed little meticulous on the Bitcoin’s possibilities by suspending a couple of trading in securities of Bitcoin projects, such as bitcoin generation (BTGN), the first publicly traded cryptocurrency exchange and bitcoin ETFs applied by Winklevoss.

Kik declined the SEC’s above-stated allegations and stated that “the Commission’s Complaint reflects a consistent effort to twist the facts by removing quotes from their context and misrepresenting the documents and testimony that the Commission gathered in its investigation. The result is a Complaint that badly mischaracterizes the totality of the facts and circumstances leading up to Kik’s sale of Kin in 2017.”

Their prosecutors have cited quite a few cases as to how the regulator considered quotes out of proportion and made the selective choices that hoodwink interpretation of the record.