By Meztilabar - 05.09.2020
Kin news crypto
The Kin cryptocurrrency was launched by the social media app Kik back in The leader in blockchain news, CoinDesk is a media outlet that. If you'd like to stay up to date with the latest developments in the Kin Ecosystem, follow @Kin_Ecosystem! $Kin #cryptocurrency #blockchain #mobileapps.
How a cryptocurrency offering is like an orange grove
Share on Reddit The launch of the Kin cryptocurrency broke federal securities laws, a federal judge has ruled. Federal law requires anyone who offers a new security to the general public kin news crypto register with the Securities and Exchange Commission.
The company argued that Kin was legally a new virtual currency, not a security. In a Wednesday rulingJudge Alvin Hellerstein rejected that claim.
The ruling could have big consequences for the cryptocurrency world.Kin Lawsuit Update -- It looks better than before
Sincehundreds of cryptocurrency projects have held Kin-like "initial coin offerings" that raised millions—in a few cases, hundreds of millions—of dollars.
Few of these offerings went through the traditional steps required to register a securities offering with kin news crypto SEC. So Wednesday's ruling could create legal headaches for existing blockchain projects launched via an ICO.
Kik to Implement Kin Cryptocurrency, ICO May Follow
It also kin news crypto the options for launching cryptocurrencies in the future. Judge Hellerstein gave Kik and the SEC three weeks to come up with a joint recommendation on appropriate remedies.
Kik says it is considering appealing the ruling. How a cryptocurrency offering is kin news crypto an orange grove A security is an asset that investors purchase in hopes of making a profit.
It includes traditional investment vehicles like stocks and bonds, but it also includes a catch-all category called an investment contract.
The Kin news crypto Court laid out kin news crypto legal criteria for investment kin news crypto https://review-tovar.ru/news/kin-news-crypto-1.html a landmark ruling.
In that case, a real-estate developer sub-divided a large orange grove in Florida and sold parcels to investors.
SDNY Holds Kin ICO That Raised $100M Violated Securities Laws
kin news crypto He then offered the new landowners kin news crypto service contract to grow and harvest oranges. The grove was organized as a single large operation with profits divided among participating landowners based on their acreage.
That made them securities. Further Reading New SEC lawsuit could decide the fate of dozens of blockchain projects In his Wednesday ruling, Hellerstein concluded that similar logic applies to the Kin tokens Kik sold in Officially, Kin owners are not entitled to any profits generated by the Kin ecosystem.
Kin Releases its Transparency Report
But practically speaking, people bought Kin because they hoped a thriving Kin ecosystem would push up Kin's value the same way that bitcoins and ether had become more valuable over time.
Kik didn't dispute that some investors bought Kin hoping it would go up in value. But the kin news crypto argued that Kin's primary function was to serve as "a general purpose cryptocurrency for use in everyday digital services such as chat, social media, and payments.
And as I wrote last yeareven Kik's own employees didn't take Kin's supposed functionality at launch very seriously: Kik knew it would be on firmer legal ground if it could point to some practical use for Kin news crypto tokens.
So the company developed what it called a "minimum viable product"—a Kik feature that gave users access to digital sticker packs based on how many Kin they owned. Kin news crypto, this allowed the company to say it was selling a token for a currently functional network rather than asking people to make a speculative bet on a not-yet-developed technology.
We discussed that once we integrate Kin into Kik we will rebuild the entire product bottom up and the MVP will not be used in any way.
Rather, they were kin news crypto that Kik would be able to develop a Kin-based ecosystem in the months and years after the token kin news crypto. In other words, Kin news crypto said, they were making an investment in Kik's project in hopes of making a profit. That made Kin a security.
One kin news crypto factor working against Kik was the fact that they used the Kin sale as a way to finance creation of the Kin kin news. As a consequence, the Kin didn't have any non-speculative uses at the time the sales occurred.
This was a common way to bootstrap a new cryptocurrency during the ICO boom, and the Kik kin news crypto could slam the door shut on this method for getting a new blockchain project off the ground.
Registering as a security comes with a lot of regulations. Complying with those regulations will, at a minimum, require a lot of legal work. And some cryptocurrency projects might not fit into kin news crypto SEC rules at all.
Court holds $100 million Kin coin offering violated federal law
So in the future, new cryptocurrency projects may be kin news crypto to first kin news crypto money from traditional investors. The project can use this early money to build a network and hire lawyers to figure out the regulatory issues.
Only then would kin news crypto be safe to launch the network and offer the tokens to the general public.Kin coin,kin coin predictions crypto trading
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