Kik is Crowdfunding $5 Million in Crypto to Help Fight SEC
By Daniel Palmer Canada-based messaging app firm Kik has launched a crypto crowdfunding campaign to support a likely court battle with the U.S. Securities and Exchange Commission (SEC) over its 2017 initial coin offering (ICO). Announced by Kik founder and CEO Ted Livingston and Patrick Gibbs, a partner at law firm Cooley LLP, on the UnChained Podcast Tuesday, the campaign is being launched in the hopes that “a lawsuit would eventually result in a new Howey test for crypto tokens, to determine which ones are a security.” A dedicated website – dubbed Defend Crypto – has already been set up allowing supporters to contribute to the fundraising effort, that its founders say is not only in support of Kik but many crypto firms that face potential action from the U.S. regulator. The site offers donation options in 19 cryptocurrencies, including bitcoin (BTC), ether (ETH) and XRP, as well as less standard options like augur (REP), DAI and, of course, Kik’s kin (KIN) token. ...