US South Carolina State Eliminates Cease-And-Desist Order Against ShipChain And Genesis Mining Blockchain Startups
On Thursday according to the information mentioned in public documents securities regulator of the US South Carolina State has eliminated cease-and-desist order ( an order that makes an individual or business to stop purportedly illegal activity and not to restart it) applied against two major blockchain startups ShipChain and Genesis Mining Blockchain.
The main reason of putting a cease-and-desist order was that regulatory body had claimed that ShipChain’s tokens and Genesis Mining’s mining contracts were both unregistered securities.
The order eliminated a cease-and-desist order registered by the SC Attorney General’s office in relation to shipping platform ShipChain. The cease-and-desist order has been applied towards the company for breaking the state’s securities statutes. The company was accused of breaking the rules of securities laws in the process of the private SHIP token sale.
The second cease-and-desist elimination order was carried towards cloud mining platform Genesis Mining which was accused by the South Carolina Attorney General’s Office Securities Division because of selling “unlicensed securities.”
Genesis Mining mentioned in its Twitter post: “We’re happy to announce that South Carolina vacated and dismissed Genesis Mining from its Cease and Desist order. As we previously said, engagement with regulators and in public policy is key to moving our industry forward.”