Ted Livingston, the CEO and founder of Canadian social media and messaging app Kik said he will fight U.S. regulators over the future of the native Kin (KIN) cryptocurrency “no matter how hard it is.”
According to a report on September 25th, Livingston told an audience at the Elevate Conference in Toronto on Wednesday:
“We have to keep going. Until that’s it, we don’t have a dollar left, a person left. We will keep going no matter how hard it is.”
Kik has been in legal battle with the United States Securities and Exchange Commission (SEC) over its initial coin offering’s designation. SEC sued the company for having conducted an allegedly unregistered $100 million token offering.
Livingston has pledged to fight to win the legal challenge. He noted that if the Kin token will be categorized as a security, cumbersome regulations will mean it is no longer workable. He said:
“We feel very confident that we are correct. We need to fight,”
Kik aims to embark on trial as soon as May 2020 and Ted said he remains committed to Kin because he sees such tokens are the only way to tackle an ever-increasing concentration of wealth.
“Cryptocurrencies are the only way, the only tool we have now that we can counteract that, where we can build a new economy with a new form of money where we can rewrite the rules for how wealth and value is created in a global society.”