Kik Once Again Counter-Attacks US SEC Over Token Sale Issues

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The Canadian chat app producer, Kik, extended its arguments against the US Securities and Exchange Commission (SEC). In a lengthy filing, Kik explained its rationale on why the KIN token sale in the summer of 2017 was not a desperate attempt and did not sell an unregistered security.Kik’s arguments are built around the claim that the SEC reading of the case is “misleading and selective”. Additionally, Kik refuted the claims that the KIN token was a security, and instead remarked that even the SEC was not clear in its position about the nature of the digital asset. The Canadian company also clarified the claims that it was a struggling business, describing its losses as natural to establishing a chat app, especially when competing with larger social networks. The KIN token currently behaves as a utility digital asset, being used in testing a reward system for viewing ads or completing small…

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