NY Judge Grants Blockchain Association ‘Amicus Curiae’ Despite SEC’s Opposition in Kik Case
New York court judge accepts Washington D.C blockchain advocacy group, Blockchain Association filing “amicus curiae”, a friend of the court, in the case between Kik and U.S. Securities and Exchange Commission (SEC). The court accepted these briefs dismissing the complaints by the SEC claiming BA is not an independent observant in the case.
A ruling by Southern New York District Court, by Judge Alvin K. Hellerstein, signed off Blockchain Association briefs as “amicus curiae” granting the association leeway to advise the court in the SEC vs Kik case on digital securities. The SEC on Monday asked for the court to deny BA its request as the association has financial interests in Kik and the blockchain field.
However, the advocacy group claims it acts similar to any trade association aiming to educate regulators and improve the overall policymaking in the blockchain industry. While the company cannot comment on the ongoing filing from the SEC, Graham Newhall, BA’s communications advisor addressed the issue claiming,
“It’s a little strange to treat the Blockchain Association different from other trade associations.”
The filing by Blockchain Association’s, Executive Director Kristin Smith claims it was proud to file the filing to guide the court in its ruling in the case. Smith claims SEC’s description of BA’s involvement as “not neutral” was false as BA aims to help the court understand the blockchain field better.
The statement reads,
“The court system benefits from amicus briefs like ours that place the parties’ evidence and arguments in their broader context, a role played every day by associations, non-governmental organizations and advocacy groups in courts across America.”
Over the course of 2019, the SEC and Kik have been entangled in a fierce battle with the securities authority. SEC claims the token sale by Kik in 2018, Kin, were subject to securities regulations but Kik claims the ICO was strictly legal.