In line with a recent report ‘published‘, the chief executive officer of the Canadian-based messaging startup Kik named ‘Ted Livingston’, within a recent interview said that the firm spent over $5 Mln on ongoing negotiations with the U.S SEC [Securities Exchange Commission].
As reported earlier in the month of January, the SEC said that it believes that Kik’s “Token Distribution Event” two years earlier violated securities laws once the firm raised about $97 Mln within its sale. Following the SEC’s recommendation of an enforcement action earlier in the month of Nov. last year, Kik was served with a “Wells Notice,” a letter to the firm that needs to be responded within thirty days.
According to the report, Livingston told the publication earlier on Thursday at the Token Summit held at New York that the firm spent over $5 Mln on its negotiations with the regulator.
He additionally reportedly added:
“We’ve spent alot of time on this, we’ve spent the last eighteen months traveling to Washington.”
Even in January, the firm additionally ‘warned‘ the United States regulators that it’d fight a proposed enforcement action against it.
Also last week, Amy Starr, chief of the office of capital markets trends at the SEC, ‘expressed‘ the regulator’s willingness to work with native ‘crypto‘ and ‘blockchain‘-related businesses. Starr argued that Unites States securities laws are “mentioned to be dynamic.”