Time To Kik SAFTS To The Curb
Richard B. Levin, Chair of Polsinelli’s Financial Technology & Regulatory Practice, authored the BlockTribune article, “Time To Kik SAFTS To The Curb.”
On June 4, 2019, the U.S. Securities and Exchange Commission (“SEC”) launched an enforcement action against Kik Interactive claiming the company offered and sold one trillion digital tokens (“Kin”) in violation of the Securities Act of 1933 (the “Securities Act”).
The Securities Act requires an issuer of securities to either register the offering with the SEC or to conduct the offering pursuant to an exemption from registration. The SEC claims Kin are a security as defined in the Securities Act and that Kik failed to sell the securities pursuant to a registration or an exemption from registration under the Securities Act.
Read the full article here.