The campaign is being launched in the hopes that “a lawsuit would eventually result in a new Howey test for crypto tokens, to determine which ones are a security.” While Kik maintains that its token is used as a currency, the SEC has expressed concerns that Kik’s KIN token might be a security and the regulator may seek an enforcement action against the company.
The Canada-based messaging app company has built a dedicated website dubbed Defend Crypto to allow supporters to contribute to the fundraising effort, which its founders say is not only in support of Kik but many crypto companies that face potential action from the US regulator, according to CoinDesk.
The site offers donation options in 19 cryptocurrencies, including bitcoin (BTC), Ether (ETH) and XRP, as well as less standard options like augur (REP), DAI and, of course, Kik’s KIN token.
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