Doubts over the the future of the Kin token project from messaging app firm Kik appear to have been dispelled.
- Now that Kik has agreed to a $5 million settlement with the SEC, the "cloud of uncertainty has dissipated," the foundation said.
- "Beyond the monetary fine, Kik’s assets are still Kik’s property, including its remaining treasury, its Kin reserves and all of its intellectual capital, according to the post.
- Kik is further able to carry on with "active development" of the open-source Kin SDK and the new Code wallet.
- The foundation also said that as the SEC isn't considering Kin a security and the judge didn't find the token in violation of securities laws, Kin "should be free to trade on exchanges."
- Going forward, with its reserves still "deep," the foundation said it plans to continue to grow the Kin ecosystem, bringing on board a new executive director next month.
- Additionally, a planned token migration to the Solana blockchain will go ahead and is "on schedule," it said.
- Aside from stumping up the $5 million penalty, Canada-based Kik must give the SEC 45 days' notice before any transactions of the token for the next three years.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.