Well, a week ago we got the news that Kin has also lost to the SEC in court:
Once again, the same analysis applies as with Telegram’s TON. Even though the private presale was done under a Reg D exemption, both cases hinge on the point that there was no “utility” use of the token at the time when the subsequent public sale occurred.
And more generally, the projects intended to use take the same token they pre-sold as a security, and use those same assets as a currency. Intercoin is different in that it separates the underlying ITR asset (which would likely be considered a security by the Howey test) from the community currencies and utility tokens, which can be used in existing economies and pegged to a specific currency.
Here’s the previous analysis. Anything different this time around with Kin?