The Securities Division of the Office of the Attorney General of South Carolina has removed cease-and-desist orders against two startups, according to July 26.
Today’s order removed a cease-and-desist order by the South Carolina Attorney General's office against shipping platform ShipChain for violating the state’s securities statutes on May 21. Regulators initially accused the firm of running afoul of securities laws during their private SHIP sale.
The second firm, cloud platform Genesis Mining, which was previously by the South Carolina Attorney General's Office Securities Division due to selling “unlicensed securities,” is now ordered to be dismissed as a respondent from the administrative order.
Following the cease-and-desist order in May, ShipChain the accusation by state regulators, claiming that their token sale was conducted in compliance with securities laws. Moreover, the firm specified that ShipChain was “not aware” that SHIP tokens were even offered to South Carolina residents, since the token sale was held prior to the company’s placement in the state of South Carolina.
According to , ShipChain raised $30 million in a private token sale in January. Launched in 2017 in California, the blockchain startup aims to solve major problems associated with the logistics and shipping sectors. According to the , the industry loses more than $50 billion annually from lost or stolen cargo.
Iceland-based Genesis Mining is one of the providing cloud mining services, primarily focused on . in late 2013, the company’s mining farms are reportedly the largest consumer of electricity in Iceland.
Earlier today, Cointelegraph that the Swiss Financial Market Supervisory Authority (FINMA) launched enforcement measures against crypto mining firm Envion AG over its potentially unauthorized token sale in mid-January 2018.
Published at Fri, 27 Jul 2018 01:32:00 +0000
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