Recently, Ted Livingston, CEO of the introduction of the Canadian mission, Kik, spoke about the reasons they had to be charged by the US Security and Cooperation Commission, in an interview with CNBC Crypto Trader. Livingston also spoke of the Howey’s famous exam and explained why he did not hunt in this case.
Livingston was asked about the real cause of the commission after Kik: if it was for collecting money through ICO or for having a “tool in circulation” that does not comply with the requirements of the commission. Therefore, the CEO said that in the Wells report, which they had received in November, the commission’s focus was on all Kin’s bonds that were sold during ICO, its current use and the market released by the Kin Foundation.
He continued to say,
“They have no conversations about anything to do with Kin used or anything to do with Kin based. It is precisely about the sale of signals in 2017. So it is exciting to me, they have reinforced the idea that Kin, today, is used in many programs and millions people are safe, they did not comment on today […] “
That was followed by Livingston talking about another important thing described by the commission, a company that tells investors that they can expect benefits and use it for the Howey test. He said that this was not “what the test was”, adding that because property could be more valuable does not mean that it was security.[…] Just because a group of people has an incentive, it doesn’t make security. Howe’s investigation makes it very clear since the 1940s. So, the announcement is quite clear and that’s why we were happy when the DAO report came out, saying that Howe’s test was the right test […]
Additionally, he spoke of the commission’s commission that the company “attracted people to buy a sign” to prove that it was a good investment and that it would increase in value. “
“I think this is a complete mischaracterisation and misleading the truth. We did it that we described the economic-economic base. The basis of crypto is that you can provide digital assets that have proved shortage.”
He went on to say that it was the 101 economy that the property that did not go away, and which creates demand would be more valuable. He added that the team did not promise “anything”, adding that they could not guarantee the value of Kin nor guarantee Kin’s requirements.