The ban on work of Genesis Mining in South Carolina is withdrawn by the state regulator

The commissioner on securities of South Carolina has withdrawn the previous order issued nearly half a year ago concerning operator of a cloudy mining Genesis Mining.

The similar decision – a big rarity, and some say that it is the first case in the state, and now the company plans to resume service in the United States. This case can also become a good precedent for other companies which resist solutions of regulators.
“We are glad to report that the division of South Carolina on securities has withdrawn the prohibitive order for Genesis Mining of March 9, 2018”, – Shah Hafizi, the area manager of communications with Genesis Mining regulators has written. “One of the principles of our company is the transparency. Eventually, it is the key value of technology of a blockchain. The last five months we closely cooperated with officials of South Carolina to share with them knowledge and prospects concerning a mining, a blockchain and the decentralized nature of technologies which we support”.

The prohibitive order concerning the Ship Chain company which was accused of trade in the securities disguised under tokens also has been withdrawn. Ship Chain has challenged the solution of the regulator, having said that the firm hasn’t been informed at all that residents of the state can buy her token to SHIP.

Genesis Mining, on the other hand, has been called by the defendant in untied business. She was accused of sale of the unregistered securities through contracts for a cloudy mining. The commissioner as a result has withdrawn also this prohibitive order. However, the codefendant in the matter of Swiss Gold which at that time was considered as the broker of the mayningovy company still falls under operation of the order. Has said Hafiz:

“Working together with regulators, we can provide protection of investors, and at the same time not ruin an innovation in a germ. We consider that for achievement of the true capacity of the company and regulators have to cooperate. We strongly recommend a blockchain companies irrespective of where they are, actively to interact with local regulators at all levels”.

Information that in South Carolina contracts for a cloudy mining are equated to securities has appeared in March of this year. Contracts for a cloudy mining allow people to get hashing capacities for production of various cryptocurrencies. Genesis Mining is one of the most well proved operators in the industry. The reason for which the Attorney-General of the state has released the ban was that “Genesis Mining constantly offered investment opportunities within mayningovy contracts to residents of South Carolina via the website”.