SEC files lawsuit against KIK – June 5

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After yesterday’s hit, most cryptocurrencies are bouncing back by a couple of percent today. On average, the market is up 1.7%; Bitcoin is up just that much while Ethereum is up 2.1% and XRP 1.4%. Bitcoin SV is still trending downwards — in the red 2% on the daily — along with Ethereum Classic and Tezos — which are down by 5.5% and 6.5% today.

Top Stories for 5th June 2019 🔥

👉 SEC files lawsuit against KIK

In 2017, instant messaging application KIK decided to create and distribute its own token — known as KIN — raising more than $100 million in an ICO. More than $50 million of the total funds raised came from American investors, and the SEC believes that the token sale qualifies as an unlawful sale of securities.

Yesterday, the SEC sued KIK for its actions. In a press release, the SEC explains its thoughts on why the KIN token constitutes a security, and clearly outlines KIK’s failure to register the token sale and comply with US securities laws.

👉 Monero proposes changes to reduce TX size, improve speed

Monero is a cryptocurrency which takes privacy seriously. Allowing you to send and receive transactions completely anonymously — not just pseudonymously — it’s become quite a popular alternative to Bitcoin in recent years.

The Monero team has proposed an update to the mainnet which would all them to reduce transaction size by as much as 25%, allowing them to speed up transactions by as much as 20%.

👉 VeChain batch tracing processes go live in China

One of the many applications of blockchain is storing data transparently in a way that consumers can easily access it. That’s the entire idea behind batch tracing processes, where consumers can view where their products came from and when they went through various stages.

A Twitter post shows a Chinese user picking up a bottle of milk in a local brick and mortar store before checking its past on a VeChain-powered blockchain batch tracing application. Exciting times!

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