Defend Crypto
The SEC has been shaping the future of crypto behind the scenes with
settlements that set a dangerous precedent and stifle
innovation.
Kin is unwilling to let that happen and is setting aside $5MM with
Coinbase to take them on in court. But with the future of crypto on the line,
$5MM might not be enough. That's why we're calling on others to contribute to
the Defend Crypto fund.
Want to Contribute? Select a cryptocurrency from the list below and
copy the
Coinbase
address displayed.
What’s happening?
In January 2019, Kin came out publicly to share what has been going on
behind the scenes
with the SEC. This has been a burden for not just Kin, but many others in the
space who are optimizing for regulation before innovation. Everyone is always
asking “what will the SEC think?” instead of “what is best for consumers?”
Despite the fact that last month over 300,000 people earned and spent Kin as a
currency, the SEC is still saying that it might be a security. After months of
trying to find a reasonable solution, Kin has been unable to reach a settlement
that wouldn’t severely impact the Kin project and everyone in the space. So Kin
is going to take on the SEC in court to make sure there is a foundation for
innovation going forward.
Why does it matter?
For the future of crypto, we all need Kin to win. This case will set a precedent, serving as the new Howey Test for how cryptocurrencies are regulated in the United States. That’s why Kin set up the Defend Crypto fund to ensure that the funds are there to do this the right way. Kin has already spent over $5MM and is committing another $5MM of BTC, ETH, and KIN in a Coinbase account to fight this out on behalf of the industry.
What can you do?
If you too are fed up with this innovation tax, we encourage you to
contribute also as we take on the SEC on behalf of the future of crypto
in the US. Any additional contributions will be held with Coinbase and
will only be used if that $5MM isn’t enough. In that case, expenses
will be disclosed, and — after a court decision is made — the
Defend Crypto fund will allocate the remaining resources to other initiatives.
We need to let the SEC know that we won’t be pushed around anymore.
It is time to Defend Crypto.
Help Us Win
If you want to receive email updates about the latest breaking news in the fight to defend crypto or want to find more ways to get involved, fill out the information below and let us know.
How We Got Here
The SEC first reached out three days after the token sale, and since then Kin has continued to comply with all of their requests and work hard to find a path forward with the SEC. Despite the regulatory overhang, the Kin ecosystem continues to grow with more and more developers building with Kin, and more and more people using Kin as a currency. Below is a timeline of events going all the way back to the token sale. During this entire time, Kin has been trying to find a reasonable settlement but has been unable to do so.
- September 12, 2017Kin Token Sale
2.5k+ people using Kin in Kik - September 15, 2017SEC sends an inquiry
- December 20175k+ people using Kin in Kik
- January 18, 2018SEC issues first subpeona
- February 6, 2018Kin gives a presentation to the SEC
- July 201810k+ Monthly Active Spenders
- Aug - Oct 2018Formal testimonies
- October 201830 Live Apps
- November 16, 2018SEC issues Kin a Wells Notice
- December 201850k Monthly Active Spenders
- December 10, 2018Kin responds with a Wells Submission
- December 21, 2018Kin gives another presentation to the SEC
- February 201940 Live Apps / 100k Monthly Active Spenders
- March 29, 2019Kin gives another presentation to the SEC
- April 2019200k Monthly Active Spenders
- May 2019300k Monthly Active Spenders
Additional Information
Protecting Innovation: The Kin Case, Litigating Decentralization, and Crypto Disclosures A Legal Battle Every ICO Project Must Follow: Kin vs. SEC Outcome of Kik’s Case against SEC will Affect Other Cryptos Social Media Platform Kik Promises to Challenge Proposed SEC Enforcement Against Its ICO Under Fire from the SEC, Kik’s Crypto Project is Going to WarFAQs
How will I know that you are using the funds as you say?
We will be open and transparent about how we are spending funds, which is intended to be used in the legal case against Kin initially. Kin has already spent over $5MM on legal fees and expenses associated with responding to the SEC’s inquiries, document productions and witness testimony. Although we won’t share actual legal bills because they contain privileged information, we will share summaries and amounts billed on a monthly basis.
Is my contribution anonymous?
Yes. All contributions are anonymous by nature. The email sign up is not specifically tied to contributions.
If I contribute, will it affect my project legally?
If you’re worried about being targeted because of your contribution to this defense fund, all contributions are anonymous and not disclosed publicly.
If the funds are not used, what will be done with them?
Once the case against Kin is finally resolved, all remaining funds, including any portion of the $5MM in BTC, ETH and KIN that we’ve contributed, will be rolled into a nonprofit organization to be used for other initiatives that help with innovation in our industry.
Is my contribution tax deductible?
No, contributions are not tax deductible, and you should consult with your own tax advisors regarding the impact of making a contribution.
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