KIK survived the SEC battle as the foundation desponded to KIK’s settlement and the KIN token is still trading so let’s read more in our altcoin news today.
The company said that KIK and the KIN ecosystem are in good shape and will continue operating despite the $5 million penalties from the Securities and Exchange Commission. The token’s price and market position was damaged in the long-legal battle but the coin is still trading. The Kin Foundation stated that the blockchain project will continue operating in the aftermath of the year-long battle with the SEC.
The Kin Foundation stated that the blockchain project will continue to operate in the aftermath of the year-long battle with the SEC The project still has a lot of funding apart from paying the fine to the SEC as Kik will retain complete control over the assets. There will be no trading restrictions on the KIN token and the token will be free to exchange on crypto exchange platforms. The SEC also didn’t ask for Kik to register the token as a security. Despite the positive outcome, Kik survived the lawsuit but it did great damage to the market of the coin as the cryptocurrency dropped through the ranks.
The token now has a market cap of about $21 million which made it the 350th largest crypto on the market. At its all-time high in January 2018, the cryptocurrency was the 45th biggest crypto on the market. Kin also clarified that the SEC lawsuit didn’t target the foundation but Kik Interactive which is responsible for the Kin original token sale, was targeted by the regulator. This led to ongoing uncertainty for the entire ecosystem as the foundation noted.
Ted Livingston, the founder of Kik and Kin, commented on the outcome saying that “there will be many more challenges ahead, but it is exciting to put this chapter behind us.” In another press release, Kik Interactive commented on the outcome of the legal cases and said that this week’s settlement resolves the issues between the regulator and the foundation. It added that it “respectfully disagrees” with the case’s outcome but decided not to appeal the penalty.
The SEC published a press release that outlines the details of the settlement and confirmed that Kik will pay a $5 million penalty but despite Kin’s insistence on lack of restrictions, the settlement includes one important limitation which is the company has to notify the regulator if it sells or distributes digital assets in the upcoming three years.
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