We Must Fight SEC, - Kik CEO

Ted Livingstom also believes that crypto is a only tool to counteract an increasing concentration of wealth
26 September 2019   260

The founder of the Kik messenger, Ted Livingston, said that he was ready to defend Kin's own token with the US Securities and Exchange Commission (SEC), reports The Canadian Press.

We have to keep going. Until that’s it, we don’t have a dollar left, a person left. We will keep going no matter how hard it is.

Ted Livingston

CEO, Kik

Kik got involved in the SEC due to his initial coin offer (ICO) held in 2017. According to SEC, the company sold unregistered securities.

Livingston, for its part, states that Kin is being actively used to solve practical problems, and the defeat of Kik will mean that the existing legal system is not applicable to new financial technologies. He also claims that Kin is used in 60 different applications, while complaining that the SEC lawsuit has slowed the spread of cryptocurrency.

Cryptocurrencies are the only way, the only tool we have now that we can counteract that, [an increasing concentration of wealth] where we can build a new economy with a new form of money where we can rewrite the rules for how wealth and value is created in a global society.

Ted Livingston

CEO, Kik

According to Livingston, they will meet with the SEC in court in May 2020.

TON Launch to be Postponed to 30.04.2020

Investors, that are not happy with this fact, may receive 77% of their investments
17 October 2019   82

Telegram is ready to postpone the launch of the Telegram Open Network (TON) blockchain platform and suspend all operations with the Gram digital currency. At the same time, the company intends to challenge the lawsuit of the US Securities and Exchange Commission (SEC). The lawyers of Telegram notified the court of the Southern District of New York.

We had intended to launch the TON network in late October. However, the recent SEC lawsuit has made that timing unachievable. We disagree with the SEC’s legal position and intend to vigorously defend the lawsuit. We are proposing to extend the deadline date in order to provide additional time to resolve the SEC’s lawsuit and work with other governmental authorities in advance of the launch of the TON network.

TON Team

At the same time, CoinDesk reports that the project investors received a letter with information about the proposed transfer of the TON launch from late October to April 30 next year.

At the same time, the company must approve the decision on the transfer with investors. Each of the groups of investors who bought Gram tokens during two rounds of ICO will have to approve it separately.

Investors of the second round are invited to fill out the appropriate form before October 23. If the majority refuses to sign, they will be returned “about 77%” of the investment. It is reported that investors of the first round received a separate letter.

In the event that the majority still approves the launch transfer, Telegram plans to send another $ 80 million for the development of TON.