Messaging platform Kik Interactive is facing off with the U.S. Securities and Exchange Commission over its 2017 Kin token sale. The SEC alleges Kik violated federal securities law, while Kik maintains that kin is not a security and its sale was legitimate.
Kik CEO Ted Livingston told CoinDesk on Wednesday that the SEC had taken quotes out of context in its original complaint, saying: “I think what surprised us is just how much the SEC twisted the facts.”
“We knew we were openly challenging the SEC when we published our Wells [Response],” he said. “We said ‘Hey, somebody has to take on the SEC.’”
To combat these allegations, Kik took the unusual step of rebutting every paragraph in the SEC’s complaint, providing context to certain comments and addressing claims throughout a massive, 130-page filing.
While there is no firm timeline set for how the case will proceed, Livingston said a federal judge is leaning toward a speedy discovery process, which may conclude as soon as November 2019.
“We’re going to try to push this through as fast as possible,” he said.
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Source: CoinDesk.com
