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Crypto Defense Fund to Fight SEC Released
Kin Token Introduces Crypto Defense Fund
One of the higher profile ICOs in 2017 was KIN. It was the first time that an established tech company, in this case the social media app Kik, raised funds via an ICO. The ICO was highly successful at the time and managed to bring in nearly $100 M from investors who've received KIN tokens in return.
KIN was meant to be the currency for the app Kik. With KIN, users of the social media app could transfer funds to other users. The token, like many others of the time was an ERC-20 standard.
Since the ICO, KIN & Kik have had plenty of legal issues with the SEC. This might have been one of the reasons for KIN's decline in price, relevance & poor ROI (return-on-investment)
Crypto Defense Fund to the Rescue?
As a response to the mounting problems that KIN & Kik faced from the SEC, KIN has founded a crypto defense fund. In addition to creating the fund, KIN have also donated the equivalent of $5M. As per the announcement:
"The SEC has been shaping the future of crypto
behind the scenes with settlements that set a dangerous precedent and stifle innovation.
Kin is unwilling to let that happen and is setting aside $5MM with Coinbase to take them on in court.
But with the future of crypto on the line, $5MM might not be enough. That's why we're calling on others to contribute to the Defend Crypto fund"
This initiative could hypothetically gain a lot of steam from the crypto-community, as the SEC isn't very popular over there.