Home Blockchain South Carolina Stops Cease & Desist Orders Against Blockchain Startups

South Carolina Stops Cease & Desist Orders Against Blockchain Startups

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According to a public document that was revealed on Thursday, South Carolina’s securities regulator has put a stop to cease-and-desist orders against two blockchain startups.

The South Carolina Attorney General’s office, which oversees securities regulation in the state, published two orders showing that a cease-and-desist filed against blockchain startup ShipChain in May was vacated, and another complaint filed against mining firm Genesis Mining in March removed the company as a respondent.

South Carolina State was for the first time stopping such orders against blockchain startups.

The regulator had claimed that ShipChain’s tokens and Genesis Mining’s mining contracts were both unregistered securities. ShipChain
pushed back against this claim in May, saying in a statement that the firm did “not believe [its] tokens are securities.” Furthermore, ShipChain claimed it was unaware South Carolina residents could purchase its SHIP tokens.

Meyers Tracy who is the deputy securities commissioner, said “the Securities Division of the Office of the Attorney General of the State of South Carolina, after receiving information regarding matters detailed in the Administrative Order to Cease and Desist issued … upon due consideration of such information, finds good cause has been shown to vacate the [order],”

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