As we know that there is an ongoing lawsuit between U.S. Securities and Exchange Commission and KiK, which was getting ready to roll out its Kin cryptocurrency to its mobile messenger in a big way. Regulators have a concern over that issue that he group was not a neutral watcher.
But fact is that despite the ongoing lawsuit, a U.S. District Judge allowed the Blockchain Association, an international nonprofit association connecting individuals and organizations with blockchain technology solutions, to file a brief. SEC filed an objection saying a number of members of the association had financial interests in the case. Just after one of the SEC’s filing done, Judge Alvin K. Hellerstein of the Southern District of New York officially approves the advocacy group’s right to file the amicus last week.
But the sound of refusal against the SEC’s description of its role in the case came from Blockchain Association. Executive Director of Blockchain Association, Kristin Smith, was proud to file the brief. The director said they were pleased because the court granted their motion to participate as a friend of the court indeed.
Treating Blockchain Association different than other trade associations was eccentric to the association. The group reportedly wouldn’t comment on the specific claims that SEC made in its filing. Though the Blockchain Association does presently manage the ‘’Defend Crypto’’ fund KiK, KiK is not currently a member of the group.
Smith said they had the opportunity to speak for the entire industry in supporting sensible regulation. The association placed the parties’ evidence and arguments in their broader context and the court system benefits from amicus briefs. The SEC said Kin sales were a securities transaction on the contrary to that Kik said its public sale was not. Kik and SEC both filed their oppositions to motion for summary judgment.
