Iceland-based blockchain company Genesis Mining has been released from the cease and desist order placed on it by officials in South Carolina. It's the first instance of a blockchain firm winning a case against regulators. Hafizi, the company’s general counsel, said by working with the regulators it was able to ensure that investors were protected and innovation was not stifled. The order was imposed when mining contracts sold to residents were considered securities. A second company, Swiss Gold Global, was said to be working as a broker-dealer for Genesis and was declared unauthorised to offer or sell securities.
Iceland-based blockchain company Genesis Mining has been released from the cease and desist order placed on it by officials in South Carolina. It's the first instance of a blockchain firm winning a case against regulators. Shah Hafizi, the company’s general counsel, said by working with the regulators it was able to ensure that investors were protected and innovation was not stifled. The order was imposed when mining contracts sold to residents were considered securities. A second company, Swiss Gold Global, was said to be working as a broker-dealer for Genesis and was declared unauthorised to offer or sell securities.