On December 2, the Securities and Exchange Commission filed a lawsuit against Ripple Labs, Inc. and two of its executives alleging they offered and sold over $1.38 billion of digital asset XRP without registration or exemption in violation of Section 5 of the Securities Act of 1933, seeking disgorgement of ill-gotten gains. Ripple filed an
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“Kik” in the Butt: Court Decision Against Initial Coin Offering Could be Opportunity for Others

By Alon Y. Kapen on
Posted in blockchain, ether, Howey, ICO, initial coin offering, SAFT, token, token sale, utility token
On October 21, 2020, the United States District Court for the Southern District of New York entered a final judgment on consent against Kik Interactive Inc. to resolve the Securities and Exchange Commission’s charges that Kik’s unregistered public sale of digital tokens in 2017 violated the federal securities laws. The final judgment requires Kik to…