The SEC has been shaping the future of crypto behind the scenes with settlements that set a dangerous precedent and stifle innovation.
Kin is unwilling to let that happen and is setting aside $5MM with Coinbase to take them on in court.
But with the future of crypto on the line, $5MM might not be enough. That's why we're calling on others to contribute to the Defend Crypto fund.
Want to contribute?
1. Choose a currency from the list below.
2. Copy the Coinbase address displayed.
3. Send crypto to that address and see your contribution reflected in the table below.
In January 2019, Kin came out publicly to share what has been going on behind the scenes with the SEC. This has been a burden for not just Kin, but many others in the space who are optimizing for regulation before innovation. Everyone is always asking “what will the SEC think?” instead of “what is best for consumers?”
Despite the fact that last month over 300,000 people earned and spent Kin as a currency, the SEC is still saying that it might be a security. After months of trying to find a reasonable solution, Kin has been unable to reach a settlement that wouldn’t severely impact the Kin project and everyone in the space. So Kin is going to take on the SEC in court to make sure there is a foundation for innovation going forward.
For the future of crypto, we all need Kin to win. This case will set a precedent and could serve as the new Howey Test for how cryptocurrencies are regulated in the United States. That’s why Kin set up the Defend Crypto fund to ensure that the funds are there to do this the right way. Kin has already spent over $5MM and is committing another $5MM of BTC, ETH, and KIN in a Coinbase account to fight this out on behalf of the industry.
If you too are fed up with this innovation tax, we encourage you to contribute also as we take on the SEC on behalf of the future of crypto in the US. Any additional contributions will be held with Coinbase and will only be used if that $5MM isn’t enough. In that case, expenses will be disclosed, and — after a court decision is made — the Defend Crypto fund will allocate the remaining resources to other initiatives.
We need to let the SEC know that we won’t be pushed around anymore. It is time to Defend Crypto.
If you want to receive email updates about the latest breaking news in the fight to defend crypto or want to find more ways to get involved, fill out the information below and let us know.
The SEC first reached out to Kin three days after the token sale, and since then Kin has continued to comply with all of their requests and work hard to find a path forward with the SEC.
Despite the regulatory overhang, the Kin ecosystem continues to grow with more and more developers building with Kin, and more and more people using Kin as a currency.
Below is a timeline of events going all the way back to the token sale. During this entire time, Kin has been trying to find a reasonable settlement but has been unable to do so.
Do I have to send from a Coinbase address?
No. The Defend Crypto fund is hosted by Coinbase but you can send from any wallet or exchange.
How will I know that you are using the funds as you say?
There will be open and transparent disclosures on how funds are spent, which is intended to be used in the legal case against Kin initially. Although detailed legal bills will not be shared because they contain privileged information, summaries and amounts billed will be published on a monthly basis.
Is my contribution anonymous?
Yes. All contributions are anonymous by nature. The email sign up is not specifically tied to contributions.
If I contribute, will it affect my project legally?
If you’re worried about being targeted because of your contribution to this defense fund, all contributions are anonymous and not disclosed publicly.
What will happen to unused funds?
Once the case against Kin is resolved, all remaining funds, including any portion of the initial $5MM contribution by Kin, will be allocated to a nonprofit organization to be used for other initiatives that help with innovation in our industry.
Is my contribution tax deductible?
No, contributions are not tax deductible, and you should consult with your own tax advisors regarding the impact of making a contribution.
Questions and press inquiries: [email protected]