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   271

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. 

OCamlPro May Implement Unplanned Tezos Hardfork

Anyone can fork Tezos' blockchain but Foundation says "OCamlPro management does not have the best interests of the Tezos community in mind"
18 June 2019   304

The non-profit organization Tezos Commons Foundation has published an official statement about a potential hardfork, which may be initiated by the French development team OCamlPro, the company's grantee.

As evidence, the organization published the text of an e-mail allegedly sent by Starchain Capital, a recently registered cryptocurrency fund.

According to the document, the management of OCamlPro and Starchain Capital announced a collaboration to develop and implement a fork of the Tezos blockchain called Dune Protocol in September 2019. The letter also says that Starchain Capital is attracting “investments to finance a separate project.”

Representatives of Tezos recalled that the blockchain can hold forks anyone. The problem, according to them, is the “OCamlPro management does not have the best interests of the Tezos community in mind".

We found the text also includes a number of inaccurate (to put it mildly) statements that are intended to exaggerate the position of OCamlPro leadership. They did not create OCaml, Fabrice was not the ‘teacher’ of Tezos co-founder Arthur Breitman, and the main Tezos engineers who were originally at OCamlPro are now working at Nomadic Labs, not OCamlPro.
 

Shaun Belcher

Executive Director, Tezos Commons Foundation

However, confirmation of whether the letter is an original or a fake has not yet been submitted.

OCamlPro participated in the Tezos grants program and worked on projects, Liquidity and TzScan. However, OCamlPro refused to fully disclose the code of their products, which is one of the conditions for receiving grants. Tezos Foundation announced the termination of funding OCamlPro in case of non-compliance in the second quarter of this year.

In March, the Tezos blockchain project completed the first round of voting for proposals for updating the protocol. The winning bid was ‘Athens A’, which received 18,181 votes.