Crypto Market Update: Kin Challenges SEC, Big Bitcoin Buyer Emerges

A coalition has been formed to challenge the US Securities and Exchange Commission's (SEC) classification of Kin's token as a security. The group, led by Kik, raised nearly $98 million in an initial coin offering (ICO) to create a currency token for its messaging app, which has 300 million active users.

The SEC has been taking on cases that it sees as clear-cut, but the classification of Kin's token is not as straightforward. The coalition believes that the token should be classified as a utility token and not a security, which would exempt it from SEC regulation.

Meanwhile, a report suggests that an art dealer in London is looking to buy 25% of Bitcoin's total circulating supply, which could have significant implications for the market. While the details of this potential purchase are unclear, it highlights the growing interest and investment in cryptocurrencies.