In mid-2017, Kik messenger
launched one of the most high-profile ICOs at the time, as it is a social network that has over 300 million downloads and investors such as Union Square Ventures with Fred Wilson on the board. The ICO raised $100 million
with investors such as Pantera Capital, Polychain, and others investing.
Since then, Kik has launched their token Kin on top of its own blockchain. The token is widely used and incentivizes user behaviors, developers to build onto the ecosystem, and payments.
Early in 2018, the SEC started to target projects including Kin regarding possible violation of securities laws and looking to get those projects to settle, which includes admission that their token is a security.
Recently, Kik came out with an initiative called Defend Crypto
and make a stand against the SEC. I commend Kik for being transparent, pushing for clarity from the SEC, and standing up for crypto projects in general. With Kik being already very high profile and having an existing product with high usage of a token, it makes for a compelling case.