New Territories Podcast — Episode 3: Discussing The Kik Litigation With a Former SEC Enforcement Official

Barry Rashkover, A Sidley Partner evaluates Kik’s legal arguments to whether or not Kin qualifies as a security.

What is the New Territories Podcast?

New Territories is hosted by Joyce Lai and features conversations with industry thought leaders exploring the intersection of law, policy, blockchain technology and more.

Listen on Apple Podcasts, Google Play, or Spotify today!

Episode 3: The Kik Litigation

As the industry keeps its eyes on the development of the Kik litigation, Joyce Lai speaks with Barry Rashkover for his perspective. Barry currently co-leads Sidley’s global enforcement and regulatory practice. Prior to Sidley, Barry served as Co-Head of Enforcement and Associate Regional Director for the SEC’s Northeast Regional Office. Having worked on both sides of SEC enforcement actions, Barry walks us through the key issues in the Kik litigation and what we should all pay attention to going forward.

In this episode, Joyce and Barry discuss:

  • The typical internal process that the SEC goes through when bringing enforcement actions.
  • Barry’s take on the litigation strategy from both the SEC’s and Kik’s perspective.
  • The strengths and shortcomings of Kik’s legal arguments that Kin is not a security.
  • Why the characterization of Kin’s “ecosystem” is of great importance for the discovery phase.
  • Kik’s case is unusual because it is not about misrepresentation.
  • In light of the unusual nature of the claim, Barry’s thoughts on optimizing the jury selection process.
  • What issues he thinks the industry should focus on if one wishes to submit an amicus brief.
  • The significance of this case on the future of blockchain innovation.
  • What is an “action memo?”
  • How this action by SEC’s enforcement division could drive the activities of other divisions within the SEC.

About the Guest: Barry’s Biography:

Barry W. Rashkover is a Partner at Sidley and is a Co-Lead of Sidley’s Global Securities Enforcement and Regulatory practice. Prior to Sidley, Barry served as Co-Head of Enforcement and Associate Regional Director for the SEC’s Northeast Regional Office. Barry has served as a former SEC Senior Trial Counsel.

About Joyce Lai, Host of New Territories

Joyce Lai works at the intersection of law and technology at ConsenSys alongside the blockchain industry’s brightest developers and other professionals who take great pride in creating a decentralized future. Through the Brooklyn Project, a ConsenSys “open-source” public policy initiative, she helps the world gain a deeper appreciation of how the application of forward-thinking policy to blockchain technology can bring a positive impact. Prior to ConsenSys, she spent several years in private practice advising investment advisers at Seward & Kissel LLP in New York. Joyce received dual undergraduate degrees in biology and economics from UC Davis and her J.D. from Fordham University School of Law. Joyce speaks frequently on topics involving blockchain technology, regulations, public policy, and other legal issues.

Listen and subscribe on Apple Podcasts, Google Play, or Spotify today!

Disclaimer. The views, information, and opinions expressed are solely those by the author above do not necessarily represent the views of Consensys AG. They are meant for informational purposes only, are not intended to serve as a recommendation or investment advice to buy or sell any securities, cryptoassets, or other financial products.

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