Kik CEO: The SEC "continues to divide and conquer the whole industry"

08 Jun, 2019
by Richard Allen
Interview
Kik CEO: The SEC continues to divide and conquer the whole industry

Ted Livingston, CEO of Canada-based messaging app Kik, has recently provided some more details regarding the ongoing case with the US Securities and Exchange Commission (SEC) during an interview with CNBC Crypto Trader.

Livingston begins by explaining the first time Kik heard from the SEC, stating it began three days after the competition of their token sale, held around 18 months ago. He says their interaction began as “friendly,” with the commission wanting to know more about what they were doing.

“Then there were subpoenas and then testimony and finally they issued us a Wells notice in November last year. We issued them our Wells response. We took both those things public in January and then finally we said ‘enough is enough, let's go public, let's go to court’.”

NeuNer then asked if they thought the SEC would actually sue them. Livingston stated that they “weren’t sure” but they did know that the crypto industry needs more clarity and that’s exactly what they would receive whether the SEC sued or not.

He said:

“We said to the SEC ‘you’ve let us know you think there’s an infraction here, we’re gonna tell the world that. So one way or the other you’re gonna give us clarity. Either you choose to go ahead and we can fight this out in court or you back down’ and that in and of itself will be guidance.”

Livingston was then asked about the decision to fight the SEC. He says that while the commission originally had good intentions, “but what we’ve come to discover is they continue to divide and conquer the whole industry and everyone is in this state of fear of what the would SEC think,” adding that its hindering their ability to “compete on a global stage.”  

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