The DefendCrypto fund, launched by Kik Interactive in May, has so far received just $89 in public donations. The funds, overseen by the Blockchain Association, were to be spent in helping assure the industry achieve the kind of regulatory clarity many participants claim is lacking in the digital currency industry.
The DefendCrypto fund was originally launched by social messaging firm Kik Interactive to help it fund its ongoing legal battle with the US Securities and Exchange Commission (SEC). The SEC accused Kik of selling an unlicensed security.
However, Kik later announced that the fund was no longer to be used to finance its own defence. Rather, the firm confirmed that it was turning over control of the proceeds to the Blockchain Association — with the idea being that the donations could help the wider digital currency industry seek the kind of regulatory clarity it currently lacks. Kik’d to the Curb
Kik made the announcement that it would turn control of the fund over for use by the industry as a whole at the end of June, just one month after it was formed. The company reportedly took back some of the initial donations that it had used to get the fund off the ground before giving control of the remaining money to the Washinton DC-based lobbying group.
The poor response to the fund is shown via the fund’s own website, and was highlighted by Twitter user @CasPiancey earlier today: Defend Crypto got an initial investment of 248 BTC or roughly 2MM dollars […]
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