Many of us here would have heard of or done business with Genesis mining but for those unfamiliar with Genesis Mining they are one of; if not the biggest cloud mining service in the world and has been operational since 2014.
On the 9th, March the State of South Carolina issued Genesis mining with a cease and desist with the allegation being that the mining contracts Genesis mining have been selling constitute a security which they require a license for to which they do not possess.
There have been numerous cases of cease and desist orders this year with possibly the most high profile one being BitConnect which saw them close their operation soon after causing a lot of people to lose money some of which amounted to peoples life savings.
As far as i know no mining platform has ever been issued with a cease and desist order making Genesis mining the first and the trend lately has been that when one state issues a cease and desist another follows shortly after,
this could set off a domino effect and ultimately cause the price of BTC to dip or at the very least it will slow down any notion of a bull market in crypto for some time to come.
I would like to hear what people opinion is on this news is it just FUD or something we should be concerned about ?
