Shipchain, Founded by John Monarch, Gets Shutdown via SEC Enforcement Action

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2. Also as a result of the conduct described above, ShipChain violated Section 5(c) of the Securities Act, which states that it shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security.

3.  Respondent (Shipchain / Owned by John Monarch) consents to the entry of this Order Instituting Cease-and-Desist Proceedings Pursuant To Section 8A of the Securities Act of 1933, Making Findings, And Imposing Penalties And A Cease-And-Desist Order (“Order”), as set forth below:

Undertakings

1. Respondent has undertaken to:

a. Transfer all SHIP tokens in its possession or control, including within the control of the company’s directors, to the Fund Administrator (which is referenced in paragraph IV.E. below) within 10 days of receiving notice of the Fund Administrator’s appointment, to enable the Fund Administrator to permanently disable such SHIP tokens.