A U.S. District Decide allowed the Blockchain Affiliation to file a short in an ongoing lawsuit between the U.S. Securities and Exchange Fee (SEC) and Kik regardless of the regulator’s issues the group was not a impartial observer.
Decide Alvin Ok. Hellerstein of the Southern District of New York signed off on the advocacy group’s proper to file the amicus – or “friend of the court” – transient final week, a day after the SEC filed an objection saying a number of members of the affiliation had monetary pursuits within the case, and it due to this fact was not an goal or impartial entity.
The Blockchain Affiliation pushed again in opposition to the SEC’s description of its position within the case Tuesday, with Govt Director Kristin Smith saying the group was “proud to file” the transient.
“The SEC’s description of our brief was wrong, and we are pleased the court granted our motion to participate as a friend of the court,” she stated in an announcement shared with Fintech Zoom.
Graham Newhall, the affiliation’s communications advisor, stated the group wouldn’t touch upon the precise claims the SEC made in its submitting, however stated that “it’s a little strange to treat the Blockchain Association different from other trade associations.”
Kik will not be presently a member of the group, although the Blockchain Affiliation does presently handle the “Defend Crypto” fund Kik initially launched final yr.
“The Blockchain Association was proud to file its amicus brief in this matter, and we appreciate the opportunity to speak for the entire industry in supporting sensible regulation,” Smith stated. “The court system benefits from amicus briefs like ours that place the parties’ evidence and arguments in their broader context, a role played every day by associations, non-governmental organizations and advocacy groups in courts across America.”
The SEC maintains the kin gross sales have been a securities transaction, whereas Kik says its public sale was not. Kik initially sought a jury trial for the case, which started in June 2019, although it has since walked again from the stance.
The SEC declined to remark.
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