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This week, following a report from the Wall Street Journal, the
CEO and founder of social media startup Kik published a blog post
providing details on Kik's interactions with the SEC following
the company's 2017 ICO, which reportedly raised approximately
$100 million. The blog post provided a link to the SEC's Wells
Notice explaining the SEC's position that the Kik ICO was a
sale of unregistered securities, and Kik's Wells Response
arguing that it did not violate the securities laws. In its Wells
Response, among other things, Kik argues that its Kin token is a
currency, not a security. Kik's Wells Response also indicates
that the company is willing to litigate the issue in court.
In South Korea this week, four major cryptocurrency exchanges
– Bithumb, Coinone, Korbit and Upbit – announced a
partnership to share information related to suspected money
laundering, including establishing a shared database of suspicious
wallet addresses. This comes on the heels of a report issued late
last week by the International Monetary Fund (IMF) that cited the
growth of the blockchain industry in Malta as having created
"significant risks" related to money laundering and
terrorist financing.
Late last week Europol, UK and German law enforcement arrested a
suspect in the theft of cryptocurrency valued at approximately 10
million euros that allegedly was stolen from 85 victims since
January 2018. In other news from Europe, the owner of the hacked
cryptocurrency exchange BitGrail was declared bankrupt by an
Italian bankruptcy court, with the court reportedly authorizing
seizures of many of the owner's personal assets to compensate
victims of the hack.
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The Internal Revenue Service (IRS) and other global taxing authorities are continuing to focus on bringing taxpayers who hold cryptocurrencies into compliance.
Three states recently enacted variations of the NAIC Insurance Data Security Model Law (MDL-668), based on the landmark cybersecurity requirements issued by the NYDFS in March 2017.