Fed Up With Its Fork of Stellar, Kin Is Looking to Move Onto Solana
The Kin Foundation is seeking to move the kin cryptocurrency onto the Solana blockchain, according to a proposal shared with CoinDesk.
Kik will pay $5 million in penalties as part of a proposed settlement with the SEC, which sued the messaging app last year.
A federal judge has ruled Kik's 2017, $100 million token sale violated U.S. securities law, and wants to see a proposal for refunds.
The Kin Foundation says both itself and the Kin token have survived the recently resolved court battle with the U.S. SEC over a 2017 ICO.
Kik's proverbial day in court may take a lot longer than Telegram's, if the judge’s response to the SEC during a hearing this week is any indication.
Devs, node operators and the Kin Foundation board have approved its move from a fork of the Stellar blockchain to Solana's network.
Invented by white shoe New York City law firms, the two-step Simple Agreement for Future Tokens (SAFT) was supposed to keep crypto companies out of trouble. Now, the SEC is coming full bore for startups like Kik and Telegram.
The Blockchain Association is claiming that the U.S. Securities and Exchange Commission is wrongfully conflating Kik's exempt offering of securities during a 2017 ICO with the issuance of kin tokens