The Securities Commissioner of South Carolina dismissed its previous order of nearly half a year ago against Genesis Mining. It’s rare, and some say this is a first for the state, as the Commissioner hasn’t previously withdrawn such an order. The company plans to resume services in the United States as a result. The case also might mark a turning point in such for firms beginning to fight back against regulators.
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South Carolina Securities Regulator Dismisses Previous Cease and Desist Order Against Genesis Mining
“We are happy to announce that the South Carolina securities division has dismissed Genesis Mining from its March 9, 2018, cease and desist,” wrote Shah Hafizi, chief compliance officer for Genesis Mining in reference to a cease and desist order being lifted by the state of South Carolina. “One of our company‘s principles is transparency. After all, it is a core value of blockchain technologies. Over the past five months, we’ve worked closely with South Carolina officials to educate them and provide a practitioner’s perspective on mining, blockchain networks and the decentralized nature of the technologies we support.”
Actually, two crypto related firms were gifted an order of dismissal this week from the Securities Commissioner of South Carolina. Both Genesis Mining and Ship Chain were issued cease and desist order withdrawal notices.
Ship Chain was accused of peddling securities disguised as tokens. Ship Chain pushed back, arguing such was not the case and how they were totally unaware residents of the state could even purchase their token, SHIP. In what appears to be a final decision in the case, Commissioner Meyers wrote the agency “after receiving information regarding matters detailed in the Administrative Order to Cease and Desist issued
