Illustration: Rebecca Zisser/Axios
The U.S. Securities and Exchange Commission on Tuesday filed suit against Canadian chat app Kik, alleging that its $100 million token sale in 2017 should have been registered as a securities sale. Kik has argued the tokens should be classified as currency, as they're used to buy and sell digital goods.
Why it matters: This case could result in greater clarity on the legal status of digital tokens.
Go deeper: Kik goes to court over crypto debate