Topic

court decision

2 petitions

Started 6 days ago

Petition to U.S. Securities and Exchange Commission

The SEC must drop the case against Kik Interactive Inc.

From May to September 2017, Kik Interactive Inc ("Kik")  offered and sold one trillion digital tokens called "KIN".  More than 10,000 people worldwide purchased KIN for approximately $100 million in U.S. dollars and digital assets - over half of this sum coming from investors located in the United States.  The utility of KIN represents a solution that is sorely needed in the digital industry enabling small and indie developers to complete with the big conglomerates such as Google and Facebook.    However, not all is well, the U.S. Securities and Exchange Commission (the "SEC") commenced enforcement action against KIK for its digital token sale. There is absolutely no allegation of fraud in the case but rather the case revolves around a technical violation of securities law and whether the tokens should have been 'registered'.  This token sale was at time where the SEC had released a minimal amount of vague guidance and were fairly unhelpful!  Why should we let the SEC create double standards in the crypto markets where a project such as Ethereum can be given the green light for its token sale but not another?  KIK shouldn't be punished for the SEC's own lack of leadership and policy making in this area. The mission of the U.S. Securities and Exchange Commission is to, amongst other things, to protect investors.   Like all government institutions, the SEC's responsibility is to perform its functions and exercise its discretions in the public interest and on behalf of those it's seeking to protect! However, it's heavy handed and close minded approach is stifling innovation.  It's time they backed off!  We by signing this position, demand the U.S. Securities and Exchange Commission immediately drop it's enforcement action against KIK. Please note, by signing this petition your name will (hopefully) be cross referenced against the names of those who participated in KIK's token sale.  It will be a very powerful message to the SEC if those people it's 'seeking to protect' tell it to drop the case, so KIK can move on with developing this innovative product.  If you also bought KIN in the secondary markets, or have ever held KIN let us know in the comments!  If you had to sell your KIN and felt this was due to the SEC actions then let us know too.

Alex Paragus
48 supporters