The SEC and Kik doubled down on their respective views of whether the 2017 $KIN token sale was a securities transaction in new legal filings published late Friday.
"Kik does not dispute that it conducted the 2017 offering through interstate commerce, or that it offered and sold securities to the SAFT participants," the SEC said. "Rather, Kik now seeks summary judgment on the sole grounds that (A) it did not offer and sell investment contracts to the public investors, and (B) the portion of its offering to the SAFT participants qualified for an exemption from registration."
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