秒不能保留kik-ing crypto可以

证券委员会的行动

On June 4, 2019, the SEC sued Kik Interactive Inc. (“Kik”), a privately held Canadian company, in the Southern District of New York, alleging that Kik’s offer and sale of $100 million worth of Kin tokens in 2017 constituted the unregistered sale of securities in violation of section 5 of the Securities Act. In a nutshell, the SEC asserts that, although Kik filed a Form D exemption from registration for the offering, the Kin sale did not qualify for the exemption because the tokens were offered and sold to the general public, not exclusively to accredited investors.

重要性

本案例可以从法院获得指南,以便何时令牌构成证券,以替代证券第二届执法行动及其部门发布的指导的证券声明的先决法律。仲裁股的股份代理是证券Howey.测试。As a result of Kik’s failure to register the tokens, the SEC alleges, investors did not receive the information from the company relevant for evaluating Kik’s claims about the potential of the investment, including current financial information, proposed use of investor proceeds, and the company’s budget. The Complaint emphasizes the reasonable expectations of “investors” in Kin that the value of their tokens would increase based upon Kik’s efforts, in terms that suggest that Kik’s statements about its projects lacked support and might even have been misleading. And although scienter is not a component of Section 5 charges, and the SEC did not charge fraud, the Complaint alleges that Kik knew or should have known that it was offering securities because, among other things: (1) the SEC had issued the DAO report that applies theHowey.在Kik开始提供和销售令牌之前的测试;(2)顾问警告Kik,Kin可以被视为安全;(3)安大略省证券委员会告诉该公司向公众出售KIN将构成证券提供。Kik的主要防御是Kin不是一种安全,而是一种交易货币或效用标记类似于比特币或以太,这些货币或欧海联因素被视为证券。

这似乎是SEC第一次针对发行人的第一次诉讼的联邦行动,仅用于登记。大多数注册案件已经解决,并且除了未能登记时,还将涉及诉讼的案件。自2017年以来,已有300多种ICO相关的D产品,因此许多公司可能会因本案的结果直接影响。凯克表示,它打算举行审判,据报道,凯克和金基金会筹集了近1000万美元的战争箱(并且仍在寻求对其国防基金的贡献)。

辩护

Although Kik has not yet answered the complaint or moved for its dismissal, the company’s position is well laid out in both a public statement from its General Counsel reacting to the filing, and an extensive Wells submission that Kik took the highly unusual step of making public. The General Counsel commented that the SEC’s complaint stretches theHowey.除其他事项上,测试超出其定义不正确,假设任何对资产价值的潜在增加的讨论都是与其他人的承诺利润相同。井上提交的井是设计,销售和提供作为一种货币作为交换媒介的货币,将其视为安全的定义,并没有提供或促进被动投资机会。除了广泛阐述其观点外Howey.试验不符合,​​凯克接受“按执法监管”的问题,鉴于该行业的“绝望”需要有关联邦证券法的适用性的指导。

结论

秘书长杰伊克莱顿去年表示,他看到的所有ICOS都是证券。然而,第二部分涉及欺诈或其他故意不当行为的少数ICO的一小部分少数百分比,仲裁措施追求执法行动。现在很快就肯定地告诉它,但这种行动可能表明,SEC现在正在实施ICO的执法方法中进入新阶段。