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Kik settlement with the Sec relative to Ripple


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Looks like Kik got out with a good deal with the Sec:

- Civil fine of $5 million.
- The remaining Kin tokens, as well as the Kin Foundation itself, are now out of the legal wood.
- Kik’s assets are still Kik’s property, including its remaining treasury, its Kin reserves, and all of its intellectual capital.
- The SEC has not asked to register Kin as a security, and didn’t impose trading restrictions on it.
- Judge's ruling and the terms of the settlement mean that it "is not in violation of any securities law and should be free to trade on exchanges.
- There is now “an open path for getting listed on new exchanges that couldn’t list us previously.

https://decrypt.co/46065/kik-sees-open-path-for-kin-exchange-listing-following-sec-settlement

 

Ripple is probably looking to get the best out of a deal. I've said this before, but, I do hope they're not trying to get too much.

 

I also hope they got the message (not sure about that) from us the community:

- Bad management (shouldn't come to this in the first place).
- Founders.

- Transparency.

 

They should fix this asap and not only regarding the Sec case, but because those are long standing issues that plagued XRP as (they say) a decentralized and autonomous project.

 

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This is true; however, given that they have made concessions and paid fines and have already been defined as a currency by two other US regulators and have made multiple attempts over many years to wo

Looks like Kik got out with a good deal with the Sec: - Civil fine of $5 million. - The remaining Kin tokens, as well as the Kin Foundation itself, are now out of the legal wood. - Kik’s asse

If they would have had a great deal where they are not deemed a security I'm pretty sure they would just have settled.

54 minutes ago, namini said:

Looks like Kik got out with a good deal with the Sec:

- Civil fine of $5 million.
- The remaining Kin tokens, as well as the Kin Foundation itself, are now out of the legal wood.
- Kik’s assets are still Kik’s property, including its remaining treasury, its Kin reserves, and all of its intellectual capital.
- The SEC has not asked to register Kin as a security, and didn’t impose trading restrictions on it.
- Judge's ruling and the terms of the settlement mean that it "is not in violation of any securities law and should be free to trade on exchanges.
- There is now “an open path for getting listed on new exchanges that couldn’t list us previously.

https://decrypt.co/46065/kik-sees-open-path-for-kin-exchange-listing-following-sec-settlement

 

Ripple is probably looking to get the best out of a deal. I've said this before, but, I do hope they're not trying to get too much.

 

I also hope they got the message (not sure about that) from us the community:

- Bad management (shouldn't come to this in the first place).
- Founders.

- Transparency.

 

They should fix this asap and not only regarding the Sec case, but because those are long standing issues that plagued XRP as (they say) a decentralized and autonomous project.

 

If they would have had a great deal where they are not deemed a security I'm pretty sure they would just have settled.

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2 hours ago, namini said:

Yes, I assume both party put pressure on each other, but at some point you have to make concessions.

This is true; however, given that they have made concessions and paid fines and have already been defined as a currency by two other US regulators and have made multiple attempts over many years to work with the SEC it seems hard for Ripple to "overreach" at this point. They changed the entire direction of their company and mission based on the prior concessions. 

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And a fun followup, because I am a KIN holder from early on and never sold... Kin has successfully migrated the vast majority of accounts of significance over to the Solana network as SPL tokens. Ledger just approved the final KIN (SPL) application and it works fine. Kin is pushing forward and looking to get relisted on exchanges now that ledger custody support for the token is rolling out.

Their reasoning for the shift was that Stellar's settlement time of 7-10 seconds had become a performance bottleneck for their application ecosystem.

I don't think I need to tell you that this is going to draw attention to both Kin and Solana (which uses a validation protocol called Proof of History based on universal timecodes and some other tech that seems to be derived from cell tower technology). The funny thing about Solana is that they focused so heavily on transaction throughput (50k/sec) that they dropped the ball a little bit on wallet address allocation and garbage collection which ended up slowing things down during the migration of 55 million Kin accounts. But as a result of the migration they have improved efficiency on that front and at the moment transactions are speeding along nicely and clean-up jobs are as well (when an account has no balance, I believe the wallet disappears unless rent is present - I have only observed this in their staking wallet architecture).

Kin enthusiasts are heavily marketing the fact that they are one of a handful of cleared tokens - no doubt trying to get some ground before Ripple settles.

 

Edited by jag216
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