U.S. Court rules Kik’s $100 million ICO violated federal securities laws.
01/10/2020 - 11:53
U.S. District Judge Alvin Kellerstein has sided with the U.S. Securities and Exchange Commission, ruling that the Canadian messaging firm Kik’s $100 million Initial Coin Offering violated federal securities laws. 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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