US District Court dismisses class action suit against Tether and BitfinexThe ongoing Kik SEC battle is getting murkier as the Judge has given his permission to an Amicus brief filed by the Blockchain Association. Judge Alvin K. Hellerstein of the Southern District (N.Y.) gave permission to the group despite opposition from the U.S. Securities and Exchange Commission (SEC). Counsel for the SEC argued that it cannot be considered a neutral observer.
The famed advocacy group approached the court with an amicus brief. The filing of the brief otherwise known as the ‘friend of the court’, faced stiff opposition from the SEC. The government agency claimed that the group has numerous members who have a substantial monetary interest in the ongoing legal proceedings. SEC counsel said that the brief could not be considered valid since it does not come from a neutral entity.
It remains to be seen what role the Blockchain Association will play in the Kik SEC battle.
Kik SEC legal battle gets interesting with entry of the Blockchain Association
Kristin Smith of The Blockchain Association said that the organization feels immensely ‘proud’ after the judge’s decision. She added that the other party’s opposition was not justified, and there shouldn’t be any doubt about their brief. The group is delighted to be part of the Kik SEC court case and will be joining the proceedings as its friend.
The communications advisor of the organization chipped in saying that the group doesn’t want to explore the validity of the SEC’s opposition to the brief. Still, it is surprising how the authorities are biased towards the group compared to the other trade groups. Since Kik is not a member, there can’t be any ulterior interest in filing the brief.
Smith said that the group appreciates the opportunity to be a voice of the blockchain industry when it comes to sensible regulations, especially those pertaining to the crypto realm. Amicus briefs are a vital part of the courts across America as they give a wider perspective to the court proceedings.
The Kik SEC battle pertains to the former’s initial coin offering in 2017. SEC maintains that the ICO involved the sale of unregistered securities
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