South Carolina state authorities desist previously enforced regulations on blockchain implementation
It is not very often that those convicted are left off the hook after a while. One such case has taken place in the state of South Carolina lately. The securities department of the General Attorney of the State of South Carolina has removed the cease and desist order that it had given against the two startups which were using Blockchain technology. The aforementioned changes were made on July 266thof this year. There were several reasons for the regulation that was placed and why it was removed thereafter.
Today, the order that was removed was against ShipChain, the cease and desist order was placed against it for violating the standards of national security, that is, flouting the statutes of security in the country. This firm was accused of not adhering to the laws of security when it organized a private sale of its token. Another firm which was accused of illegal activities was Genesis Mining; it is a cloud mining firm which was held liable for selling of securities which were not licensed. Both the companies had made attempts to solve the case such that they might come out clean.
ShipChain had said that there was no way in which the company could have broken the security laws of the country. Since there were a lot of factors that it was unaware about. From the thirty million that was raised by the company, due to this private sale, the company had intended to solve several problems which had been ailing the sector since a long time. The problems had to do with the management as well as handling of the sector. Fifty billion dollars worth of cargo gets stolen every year. It was to combat these conditions that the sale was conducted in the market.
Genesis Company is a giant in the field of provision of cryptocurrency. The focus of this cloud mining services has been solely on Bitcoin for a long period of time. According to the sources, the farms where the mining takes place for the products are the largest consumers of electricity. A lot of electricity of Iceland is consumed in the process of manufacturing their goods. However, this is one company which holds a strong fort in the market and is thoroughly well reputed. The case against this company as well is refuted lately according to the sources in the market.
A similar incident is now happening in Switzerland, it is believed that the regulatory authorities in the country have put regulations against the firm Envision AG which is the crypto mining firm for conducting a sale of tokens which was believed to be unauthorized in nature. The fate of this firm is yet to be decided.