The SEC case against Kik is an important one in that it is likely to help define the parameters of the jurisdiction of the SEC over cryptocurrencies as "securities." The question is whether an ICO is a security as measured by the so-called "Howey Test." Under the Howey Test, two of the key measures are:

First, (i) is the purchaser of a digital token acquiring the token to use it as a medium of exchange (in which case it should not be a "security") or (ii) is the purchaser acquiring…

If adopted, this would kill the whole plot of with Jack Nicholson, Faye Dunaway and John Huston.

Commissioner Peirce continues to distinguish herself as the leading liberal (in the old-fashioned sense of the word) in Washington. The fact that her policy views are supported by a recognizable theory of government, markets, psychology and ethics gives them a consistent logic that extends beyond her take on any particular issue.