Court rules Kik’s 2017 ICO violated U.S. securities laws
Cointelegraph
Published Oct 01, 2020 01:52AM ET
Updated Oct 01, 2020 03:40AM ET
U.S. District Judge Alvin Kellerstein has sided with the U.S. Securities and Exchange Commission (SEC), ruling that the Canadian technology firm Kik’s $100 million initial coin offering (ICO) violated federal securities laws.
On September 30, Judge Kellerstein responded to both parties’ requests for summary judgment, determining that Kik’s 2017 token sale meets the definition of a securities issuance according to the Howey test, as the ICO participants had a reasonable expectation of profit.
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Written By: Cointelegraph
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