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   259

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.

Investors Told About TON Launch Postpone

The decisive factor of the delay's length will be the outcome of the hearing scheduled for October 24 in the court of the Southern District of NY
16 October 2019   89

The team of Pavel Durov is supposed to solve all the problems with the SEC within six months to a year. The launch of the Telegram Open Network (TON) may be postponed for such a period, Forbes reports with reference to project investors.

The decisive factor will be the outcome of the hearing scheduled for October 24 in the court of the Southern District of New York. On it, the SEC will explain why it considers the Gram cryptocurrency a security, and TON representatives will present the rationale for lifting the temporary ban on the distribution of coins.

Up to this point, there will be no official statements, sources said.

The TON investigation is being conducted by Daphne Waxman, Morgan Ward Doran, and John Enright, known to the Block.one community.

On October 11, the SEC through a federal court achieved a temporary ban on the distribution of Gram cryptocurrency among investors. The agency believes that the asset is a security, and Telegram violated US law during the ICO.

Durov disagrees with the position of the SEC, but the postponement of the project is considered among possible solutions.

In contracts with investors, the launch deadline indicated October 31, but a clash with regulators is supposedly treated as force majeure along with a natural disaster. Such an interpretation may allow Durov not to return funds in the event of a delayed launch.