As crypto litigation hits the headlines, many in the blockchain space are focused on the SEC's recent complaint against Kik Interactive Inc. However, some crypto lawyers believe that, in the near term, the NY AG’s ongoing proceeding against Bitfinex and Tether may have greater industry consequences.
against Bitfinex, Tether and others may have greater consequences for the industry.
For a moment, let's hold aside, among other things, questions relating to the Kik SAFT, or the Kik Complaint’s allegations that Kik failed to disclose to purchasers certain information that may have been material to a purchase decision.
Members of the SEC staff previously have indicated that digital asset sales, including token sales made pursuant to SAFTs,Traditionally, those promoting sales of tokens via SAFTs characterized the sale of the SAFT itself as the sale of a security.
Why is this significant? In those references in the complaint, we can easily substitute for 'Kin tokens' any of the other assets which in the past have been objects of an investment contract but which are self-evidently themselves not 'securities,' such as the whiskey in theor the beavers, chinchillas or silver foxes in the 'animal' cases.
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