The Blockchain Association has filed a “friend of the court” brief in the ongoing legal case between the U.S. Securities and Exchange Commission (SEC) and messaging startup Kik, arguing the firm’s kin token is not a security.
The advocacy group argues the SEC is wrongfully conflating Kik’s 2017 exempt offering of securities to accredited investors with the issuance of blockchain tokens in its brief, filed Friday.
Rather, Kik arranged its token sale in two parts: a private SAFT (Simple Agreement for Future Tokens) and a public token sale, the association wrote in a blog post on its filing.
For the SAFT, Kik filed for a Regulation D exemption.
With the court ruling still pending, both the SEC and Kik filed motions for summary judgement at the end of March, asking for a ruling without full trial.

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