In a significant regulatory impact move, the South Carolina Securities Commission has vacated a previous Order against the blockchain based company Shipchain. Previously, the South Carolina AG had ordered Shipchain to produce all records in an attempt to determine whether Shipchain had committed Securities violations.
After reviewing the documents, and having Shipchain's full cooperation, the state regulatory agency has revoked the order, essentially determining that Shipchain did not commit securities fraud.
This is a large step for blockchain based companies after "Operation CryptoSweep" resulted in governmental agencies in the U.S. seeking information from over 80 companies to determine whether their ICOs were fraudulent.
Now, this provides hope for other companies who've had to produce evidence. However, many companies failed to seek legal counsel or even consider regulatory compliance before launching a token and raising millions of dollars, which, as we've seen in the DAO and Munchee cases, does not end well.