Kik CEO says ready to fight SEC until we dont have a

This report by The Canadian Press was first published Sept. 25, 2019. TORONTO — The head of Kik Interactive Inc. says he’s prepared to drive the company into bankruptcy in a fight with the U.S. securities regulator over the future of its Kin cryptocurrency.Founder and CEO Ted Livingston says he wants to face off against the U.S. Securities and Exchange Commission as soon as possible to resolve the lawsuit launched by the regulator that he says is crippling the Kin cryptocurrency and preventing the company from making money.Livingston’s comments Wednesday at the Elevate tech conference in Toronto comes two days after he announced that Kik Interactive would cut most of its staff, shut down its Kik Messenger app, and focus all efforts on the Kin cryptocurrency that it launched in 2017.He said in a blog post Monday that the company would trim down to 19 staff, affecting more than 100 employees. The company said on Wednesday that the Kik team would stay intact and move to a new company being set up in Waterloo, Ont., but declined to provide further details.The SEC has accused Kik Interactive of conducting an “illegal” US$100 million securities offering when it initially sold the Kin cryptocurrency, while the company maintains that the currency is not a security.Livingston says he hopes to go to trial against the SEC next May in an effort to save a cryptocurrency he believes has vast potential. The Canadian Press

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