The SEC has sued the messenger app KiK for $100 million ICO. the SEC alleges that Kik didn’t obey federal law related to securities. It had failed to register the kin token sale.
SEC doesn’t consider Ethereum as security. This piece of news is now confirmed. The government body now states that Bitcoin is not a security, and neither is Ethereum’s ether. Thus the ETH token has been classified as usable currency.
The securities regulator investigates new coins and ICOs here and now. SEC chairman Jay Clayton had earlier clarified that Bitcoin isn’t thought of as security by the Commission.
Due to the thumbs-up that it received from the SEC, the investors are now going to look into ETH even more. Bitcoin and Ethereum are the most decentralized options amongst all altcoins, and this step is “one giant leap for mankind”.
Right now the value of ETH is at $249.18 after a 1.11% surge within the last day. The price is expected to grow even more due to this announcement. The focus of the KiK case revolved around the alleged violation of Section 5 of the Securities Act of 1933.
The trading volume for Ethereum for the past 24 hours is almost $9 billion dollars ($8.973 approximately). Will there be smooth sailing from henceforth or will the coin’s fortune be rocked yet again. The market remains unpredictable so far.