The CEO of Kik Interactive has told the international media that he is willing to take the company to bankruptcy if that is what it takes to fight with the SEC the future of the company’s cryptocurrency.
Ted Livingston, founder and CEO of Kik has said he wants to face the United States Securities and Exchange Commission to resolve the lawsuit initiated by this regulator, according to Livingston, is making the progress of humanity at the same time as the Company earn money thanks to innovation.
During the Elevate conference held on September 25, Livingston stated:
“We have to keep going until the end, until we have one dollar left or until there is someone standing by us. We will continue with our mission no matter how difficult it is.”
Ted’s comments in the city of Toronto Canada 🇨🇦 occur 2 days after the announcement that kik Interactive would make a massive cut of staff, and close the Kik Messenger instant messaging application. Apparently, Kik’s CEO is trying to put all his efforts in his own Kin cryptocurrency, launched in 2017. The reduction of employees would take the ranks of this company to only 19 people of the more than 150 he had a week ago at his offices in Waterloo, Ontario. and Tel Aviv.
The remaining team of only 19 souls will focus on getting people to buy, use, trade and trade with the altcoin Kin, which currently can only be obtained through applications by performing tasks such as answering some questions or participating in surveys of certain companies .
“Kik’s team would remain intact and move to a new company established in Waterloo, Ontario.”
This very sudden change of Kik, driven mainly by its CEO Ted Livingston, occur after the SEC accused Kik Interactive, last July, of making an illegal digital stock offer of more than $ 100 million thanks to the Launch of your cryptocurrency.
In this regard, CEO Livingston has indicated that the company has no choice but to fight with all available instruments against the SEC and the US regulatory system, since if the cryptocurrency is still considered a Security in the eyes of the Securities and Exchange Commission, the entire crypto ecosystem will remain stagnant thanks to regulations, and it would no longer be viable for many companies like Kik, to try to make money in this sector.
In addition to this, Ted made reference to the fact that the SEC has been slowing progress in this field of innovative new technologies, and that it has been failing to give investors guidance on cryptocurrencies, “an example of this is the unfair judgment towards us and our cryptocurrency. ”