The South Carolina Attorney General filed a cease and desist against the blockchain based shipping business ShipChain for violating state securities law. Surprisingly, this is one of the first times a state AG has filed a suit directly against a company. Even more interestingly, the fact that ShipChain is based in Delaware raises questions about why the Delaware AG did not file a cease and desist against the company.
The backdrop to all of this is the current state of the regulatory framework within the USA is far from clear. While the SEC has certainly stated its stance towards the majority of larger market cap cryptos, it seems state agencies are still unclear as to what exactly the proper test is to apply.
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