U.S. SEC Sues Messaging App Kik for $100mn Initial Coin Offering

The U.S. Securities and Exchange Commission has filed a lawsuit against Canadian messaging app Kik over their $100mn initial coin offering or ICO; the SEC is not suing the app for fraud but rather for not registering the offering which they say deprived investors of information related to the offering; “This is the first time that we’re finally on a path to getting the clarity we so desperately need as an industry to be able to continue to innovate and build,” Kik chief executive Ted Livingston said in a statement according to the FT; ICOs have been a controversial topic in recent years with billions being raised for many projects that ended up being no more than a white paper and product idea; providing more clarity on the space should help the market and ultimately reduce the number of bad or fraudulent raisings. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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