A court in New York has officially ratified the proposed settlement between Kik Interactive, a software development firm, and the US Securities and Exchange Commission (SEC) over the former’s initial coin offering (ICO) to establish the Kin crypto exchange. This said ICO, which was performed last 2017, has notably amassed over $98 million.
As per the Kin Foundation blog post this Friday, aside from the SEC imposed $5 million civil penalty, the Foundation and its Kin tokens have successfully survived the grueling legal battle. Kin Foundation then reassured its supporters that Kik is going to be fine. All of Kik’s outstanding assets, reserves, and intellectual property collection would remain as Kik’s rightful possessions. In summary, once the monetary fine is settled, everything would turn back to normal once again.
The Foundation then clarified that the project’s future was not put in jeopardy – and would most likely stick to its initial plans. On top of that, the SEC did not register the Kin token as a security and has not imposed any trading constraints against it. According to the Foundation, this means that Kin should be free to circulate and openly trade on various exchanges moving forward.
It is also worth mentioning that Kik must now notify the SEC 45-days before executing any token transactions for the upcoming three years.
With all that being said, Kik and the Kin Foundation now sees the light at the end of the tunnel. The hopes and aspirations they once had for the Kin tokens have been revitalized following SEC’s settlement. Moving forward, the Foundation states that it will continue to elevate the Kin ecosystem – notably saying that it will have a new executive director by next month.