SEC v. Kik: My initial read of the complaint (@Twitter)

TLDR:

Most of the complaint pretty much boils down to this allegation:

I think this case will come down to whether Kin buyers were led to believe that Kik would do X, Y, and Z, thus directly contribute to an appreciation of $Kin. The SEC’s complaint certainly paints a picture in the affirmative, but of course we only have one side’s “facts” so far.

“There was, simply, nothing to purchase with Kin at the times Kik sold the tokens through September 26, 2017.“



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Read the full “quick and dirty” analysis here. I’ll update with something more refined shortly.

Here are the relevant source links:

  1. The complaint: https://t.co/mADV7HhlBC

  2. Kik’s press release response: https://t.co/2IpTQ3JaB6

  3. The SEC’s April 2019 Framework for Investment Contract Analysis of Digital Assets: https://t.co/xk1byp0VJO