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Kik is Crowdfunding $5 Million in Crypto to Help Fight SEC

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Canada-based messaging app firm Kik has launched a crypto crowdfunding campaign to support a likely court battle with the U.S. Securities and Exchange Commission (SEC) over its 2017 initial coin offering (ICO).

Announced by Kik founder and CEO Ted Livingston and Patrick Gibbs, a partner at law firm Cooley LLP, on the UnChained Podcast Tuesday, 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.”

A dedicated website – dubbed Defend Crypto – has already been set up allowing supporters to contribute ...

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