Encryption lawyer: If Kik wants to fight against the US SEC, it needs $10-20 million.

According to AMBCrypto, Stephen Palley, a US attorney in the field of encryption, explained that the US SEC has filed a lawsuit in federal court accusing Kik of “unregistered $100 million in tokens issued in 2017” rather than securities fraud. “This is the first time the US SEC has filed a lawsuit with the federal court against the registration provisions of the Securities Act of 1933.” The SEC’s strategy of focusing on “unregistered securities” is a “wise” move, but he also mentioned “ This is not a case that cannot be won." Stephen Palley mentioned that Kik had spent $5 million before going to court, and they would spend more if the case went on. "I don't think that $5 million is enough… Defence lawyers in such cases can sometimes earn more than $1,000 an hour, depending on the testimony, whether they are in court, and how much the appeal costs… It's easy to spend $10 million to $20 million. I think that if they plan to stay the course, $5 million is not enough."