Earlier this year, the South Carolina securities commissioner served ShipChain, a cryptocurrency company, with a Cease & Desist Order:
“Respondent ShipChain continuously offered investment opportunities in the ShipChain platform and the corresponding tokens to South Carolina residents through its website and in-person events held in South Carolina.”
ShipChain responded publicly, stating:
“ShipChain has not been offering, issuing, or selling tokens, and already had no plans to do so again for the foreseeable future; that all offers of the tokens in that initial sale were made to institutions and persons who qualify as accredited investors.”
Today the South Carolina Attorney General’s Office dismissed the Cease & Desist order filed against Shipchain, but very subtly warned of what appears to be future action.
A careful read of the order shows that the South Carolina Attorney General “FURTHER ORDERED” that their filing is without prejudice, meaning the Attorney General has specifically reserved the legal right to take further action against Shipchain.
