Whale Panda Calls Out Kin Foundation For Its “Defend Crypto” Movement as Others Chime In
It is no secret to all that know the crypto world that some companies are struggling a lot to defend their businesses after they started to be chased by regulators. In the United States, a very important battle is being fought by several companies and the U. S. Securities and Exchange Commission (SEC).
However, not all the companies battling the SEC in order to keep its products alive are being very well received by the community. For instance, the Kin Foundation, which is behind the Kik app, has started a movement in order to fight the SEC and “defend crypto”. This movement has been very criticized lately.
Kin, the crypto services created by Kik, had an unregistered Initial Coin Offering (ICO) back in 2017 in which the company was able to raise $100 million USD, quite a high amount. After that, the SEC went to the company to sue it for offering unregistered securities. While some have defended the company, Whale Panda, a very prominent crypto influencer called them out.
According to Whale Panda, these movements to “defend crypto” are not legitimate. The company did a very shady ICO which was obviously a security token and they got caught by the SEC. Since then, negotiations are not pretty. Now, he affirmed, the company is set to use other shady ICOs to pressure the SEC.
He also affirmed that the allegation of Ted Livingston that more people were using Kin than any other crypto in the world was actually fake and people made fun of the company’s defensor online after that.
An attorney named Josh Lawler also voiced his opinion today and affirmed that the SEC will end up losing the case even if they win. According to him, the SEC exists only to protect “main street” investors. If the SEC winds against Kik, they will hurt the investors that they are trying to protect in the first place.
Circle, however, tweeted announcing some vague support for the so-called movement. The company affirmed that it was with the Kin Foundation because they struggled to make cryptos flourish in the United States like many other companies in the industry.
Most of the personalities on Crypto Twitter were not so generous, though. Jeremy Rubin, Riccardo Spagni and others affirmed that they did not sympathize with the movement at all.
Rubin even tweeted a “hot take”, in which he affirmed that the whole “defend crypto” movement was very sickening because cryptos were not under attack, only shady business practices. Kin was probably a security token in his view, so it made sense that the SEC decided to reject it.