Regulations in the cryptocurrency market have been of utmost importance, with many proponents of the field defending the industry by asking for fair and just rules for its proper functioning. Recently, Anthony Pompliano, Co-founder of Morgan Creek Digital Captial, announced that Kin Foundation was launching a campaign to ask for better regulations for the world of cryptocurrencies.

Pompliano’s tweet read,

“BREAKING: @kin_foundation just announced a “Defend Crypto” defense fund that they’re seeding with $5M. Looks like they are going to take on regulators in court to create a Howey test for crypto. Things are about to get very interesting http://defendcrypto.org”

The Howey Test is a test created by the United States Supreme Court for determining whether certain transactions qualify as investment contracts. According to the defendcrypto website, the Securities and Exchange Commission of the United States has set a “dangerous precedent and has stifled innovation.” The website added,

“Kin is unwilling to let that happen and is setting aside $5MM with Coinbase to take them on in court. But with the future of crypto on the line, $5MM might not be enough. That’s why we’re calling on others to contribute to the Defend Crypto fund.”

The website has also asked users to contribute as well, providing a Coinbase address to which people can donate cryptocurrency amounts of their choice. At the moment of writing, the crowdfunding campaign had raised $259,549 to go with the existing $5 million.

The Kin Foundation also claimed that if they win in court, then a new version of the Howey Test can be established. This will become a landmark movement in the cryptocurrency industry, the Foundation added. The organization also stated,

“Any additional contributions will be held with Coinbase and will only be used if that $5MM isn’t enough. In that case, expenses will be disclosed, and — after a court decision is made — the Defend Crypto fund will allocate the remaining resources to other initiatives.”

The post Kin Foundation launches ‘defendcrypto’ campaign to take on the SEC; requests new Howey test for crypto appeared first on AMBCrypto.

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