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