Crypto News: May 26 - June 3, 2019

1. Kik announces #DefendCrypto

Kik, the popular messaging app, announced a crowdfunding campaign under the name “Defend Crypto”, in view of defending the interests of tokens, such as KIN, against the SEC. At the heart of the discussions with the SEC is the question whether or not the token KIN is to be considered a security in accordance with US regulation. 

Kik was founded in 2009 by a group of University of Waterloo students, with the aim of breaking down barriers and build a company that would allow users to chat with whoever, whenever.

According to Kik, “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 in our Coinbase account to take them on in court.

The initiative has already raised over $ 5MM in cryptocurrency.

2. Coinbase adds EOS

According to a press release, starting May 30, 2019, Coinbase supports EOS at and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store EOS.

EOS will be available for customers in most jurisdictions but will not initially be available for residents of the United Kingdom or the state of New York. Additional jurisdictions may be added at a later date.

3. Japan approves new crypto bill

According to an update on the Financial Services Agency’s (FSA) website, the Japanese House of Representatives has approved a bill to amend national laws that govern crypto regulation.

The bill introduces amendments to two national laws that apply to crypto assets — the Act on Settlement of Funds and the Financial Instruments and Exchange Act. The revised acts are expected to come into force in April 2020.

The bill aims to promote user protection, regulate crypto derivatives trading, mitigate industry risks and establish a regulatory framework for crypto assets.

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