April 27, 2020 Kik and the SEC continue legal battle.

The software company, Kik Interactive, and the SEC both filed challenges on Friday to each other’s previous motions for summary judgment. The recent challenges are part of an ongoing nine-month dispute between the two entities regarding Kik’s $100 million ICO, conducted in 2017, and whether it constituted an unregistered securities offering. In its challenge, the SEC stated that those who participated in the sale did so “with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others” in a reference to the Howey test, by which securities are defined within the US. In its own challenge, Kik stated however that the regulator has not shown evidence that either the token pre-sale or distribution required registration with the SEC.