Last week we discussed Kik and the launch of the DefendCrypto legal defense fund. Kik seeded the fund with $5 million of its own money. Outside observers may naturally have expected slightly more enthusiasm from within the crypto community: regulatory uncertainty around crypto assets threatens to hamper blockchain-related innovation in the United States – legal clarification would allow everyone to move forward on sure ground and get on with building, selling, whatever.
But support for DefendCrypto was noticeably sparse. This was less because the crypto community wants the SEC to block crypto-related innovation in the US and more because many, including myself, felt that Kin – a token with questionable origin and even more questionable value accrual mechanics – was perhaps not the best project to represent the entire blockchain industry in front of the U.S.
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