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The law has been the same since the 1920s. Adding crypto to the mix has zero affect on whether or not something is a security offering.

Interesting. The risk vs. reward seems apt in my opinion. If Kik ends up winning, it brings out clarity that a lot of people stand to benefit from.

If it looks like a security, and smells like a security and behaves like a security...it is a security regardless of the the mechanism.

Is writing software protected by freedom of speech?

Is encoding a set of account values into a genesis block posted on GitHub a security offering?

They are looking for a test case because, per the SEC document, they were bankrupt and have literally no alternative but to fight it, as any settled penalty will sink their business.

They're so fucked. Good riddance.