The Prosecutor General’s office of South Carolina overturned the decision on the termination of the blockchain startup ShipChain and mining company Genesis Mining. This writes CoinDesk.
In may, the regulator ordered ShipChain to stop the spread of “unregistered investment contracts”. According to the Agency, the company, allegedly violating the securities laws, offered opportunities for investment through its platform, as well as a token SHIP to residents of South Carolina.
In response ShipChain said that working in the legal field, and their token does not apply to the securities. Company representatives also noted that the ShipChain did not know their tokens to residents of the state.
As for Genesis Mining, the authorities of South Carolina in March issued a decision on the immediate termination of distribution contracts for mining for the same reasons.
The abolition of two regulations concerning the ban of the blockchain-companies is a unique precedent in the United States.
“Division of securities of the Prosecutor General of the state of South Carolina found persuasive the reasons for cancellation of orders”, — said the Deputy Commissioner of securities Tracy Meyers.
Note that the controller state has not rescinded the order about the company Swiss Gold Global, which was accused of providing the services as an unregistered broker-dealer for Genesis Mining.
Recall that in July a member of Congress brad Sherman has called for the introduction of the ban on the purchase of cryptocurrencies and their mining in the country.
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