Coinbase & Kik to Launch Anti-SEC Foundation

The $5M backed DefendCrypto Foundation intends to cover legal costs of the proceedings with the SEC; at the 1st stage, they want Kik to win and set a precedent
29 May 2019   911

The largest US cryptocurrency company Coinbase and startup Kik announced the launch of a special fund to cover legal costs in the proceedings with the US Securities and Exchange Commission (SEC). This was announced by CEO Kik Ted Livingston, writes Unchained.

The Foundation was named DefendCrypto, and the partners of the initiative were the startup Circle, the platform ShapeShift, the analytical portal Messari and the non-profit organization for the protection of free Internet Fight for the Future.

The Coinbase custody service will be used to store the assets of the fund. At the moment, Kin has already allocated over $ 5 million in favor of the fund in BTC, ETH, KIN and other cryptocurrencies.

The startup also encourages community members to join the initiative. If the amount of funds raised exceeds the legal costs of the proceedings with the Commission, they will be directed to other support for other projects.

We need to let the SEC know that we won’t be pushed around anymore. It is time to Defend Crypto.
 

DefendCrypto.Com

At the beginning of the year, Kik announced that he intended to challenge the SEC decision on recognizing the project token as a security.

In the course of this trial, the startup and partners of the initiative intend to set a precedent in the context of applying the “new Howey test” to cryptocurrencies.

For the future of crypto, we all need Kin to win. This case will set a precedent and could serve as the new Howey Test for how cryptocurrencies are regulated in the United States. That’s why Kin set up the Defend Crypto fund to ensure that the funds are there to do this the right way. Kin has already spent over $5MM and is committing another $5MM of BTC, ETH, and KIN in a Coinbase account to fight this out on behalf of the industry.
 

DefendCrypto.Com

DefendCrypto emphasizes that the impending trial is crucial for the entire digital currency industry.

When we speak to people in the industry, we need to stop living under this cloud of fear, what will the SEC think? What will the SEC think? Because we all know [crypto] is the next mega-trend of technology and by always having to ask ourselves, 'What will the SEC think?,' we are giving ourselves a fundamental handicap to compete on the global stage. Enough is enough, we need clarity, and the only way we’re going to get clarity is if we go to court, so let’s do that.
 

Ted Livingston

Founder, Kin Foundation

Last year, the Commission began a large-scale investigation of ICO projects. 

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   878

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.