Last week, the Canadian social media company Kik---and an array of prominent backers in the crypto world---launched a $5 million campaign to fund an impending legal battle with the Securities and Exchange Commission. CEO Ted Livingston said the fight, which centers on Kik’s $100 million initial coin offering in 2017, was worth funding because it could have wide implications for blockchain startups, many of which used ICOs to fund their fledgling ventures.

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