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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.