The SEC In The News Again: This Time With KIK
The SEC has sued KIK regarding the $100M ICO the company had a few years ago. This is a long line of lawsuits the agency has undertaken regarding the selling of unregistered securities.
In this video I discuss the idea of flying under the radar and how it is best to avoid entities of this nature. The most successful, especially early on when the industry is small, will draw attention.
▶️ 3Speak
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Looking more like a shakedown happening these days by those using badges to legitimize the theft. Looks like the crypto rich are going to be hiring armies to repel the old parasites eventually. Compliance can't be made to work with a system in the throes of collapse.
They do still have their guns and jails. Examples will be made, maybe McAfee, for all his faults, is one.
The last 6 months saw a major power grab by the establishment, only furthering insulating themselves against the reality of what is taking place.
As always, I am watching Europe since I feel the Eurozone is a total mess that is leading the way down.
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Don't forget about SEC vs AriseBank. A super interesting case. Possibly more of a deceptive case than those of Telegram, EOS, and KIK.
I havent heard anything about that in a long time.
Any idea what is going on with it?
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Yep. The last round of settlements are happening in just over a month.
All the court filings are on the website. If you're worried about it being a phishing link to the left, the URL is: (https://arisebankreceiver.com/)
I took part in the ICO, had funds siezed as a non-US resident, and they've been held for years :D
I got half of it back not too long ago, and should get the other half back as part of the final settlement. The opportunity cost.... enormous.
J.Rice wrote a thing on Steem a while ago as some sort of prison-diaries about the issue - but I havent followed the conclusion or the progress - it was uploaded by a friend of his
Summary:
In this video, the speaker discusses the recent developments between the SEC and KICK, focusing on the proposed settlement between the two parties. He explains that KICK had an ICO and raised around 100 million dollars but is now facing scrutiny from the SEC for running an unregistered security. The speaker draws parallels with the SEC's actions against Telegram in the past. He reflects on the complexities of dealing with regulatory bodies like the SEC and emphasizes the challenges faced by blockchain projects in navigating regulatory frameworks. Additionally, he highlights the importance of decentralization as a protective mechanism for projects in the cryptocurrency space.
Detailed Analysis:
The video begins with the speaker addressing the audience and sharing the latest news regarding the SEC and KICK, an online messaging platform that conducted an ICO, raising approximately 100 million dollars. The speaker mentions the SEC's view of KICK's ICO as an unregistered security and goes on to discuss the proposed five million dollar settlement between the SEC and KICK. He contrasts this with the SEC's actions against Telegram, where a hardline approach was taken, leading to significant consequences for the company.
The speaker delves into the broader issue of regulatory bodies like the SEC and their impact on blockchain projects, citing examples such as Block One's dealings with the SEC and the challenges faced by projects like Voice with KYC requirements. He expresses concerns about the increasing involvement of tech companies like Google, emphasizing the importance of privacy and decentralization in the face of potential government surveillance.
Furthermore, the speaker raises questions about the perceived arbitrary reach of the SEC in targeting companies globally and discusses the impact of regulatory scrutiny on projects' development and decentralization efforts. He emphasizes the need for blockchain projects to stay under the radar to avoid regulatory scrutiny and highlights the potential value in decentralized platforms with a wide network of users.
In conclusion, the speaker reiterates the significance of smaller projects flying under the radar and linking together to create a network with diverse use cases and high value. He underscores the role of decentralization as a protective measure in the crypto sphere and advocates for continued technological development to outpace regulatory constraints.