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.
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