ShipChain to be Hit by South Carolina Sanctions

Blockchain startup was ordered to immediately stop illegal activities from the Attorney General's Office of South Carolina
23 May 2018   640

This decision is caused by the alleged violation of the requirements of regulatory acts on securities operating in the state. This is reported by Coindesk.

The Securities Commissioner of South Carolina argues that the startup was engaged in the distribution of investment contracts under the guise of digital tokens, which are "the only medium of exchange on its platform."

At all times relevant to this 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. At no time relevant to the events stated herein was Respondent ShipChain registered with the Division as a broker-dealer, and no exemption from registration has been claimed by Respondent ShipChain.
 

Attorney General's Office of South Carolina Cease-and-Desist Order

ShipChain positions itself as a blockchain-based platform for delivery tracking. It is the member of the Blockchain in Transport Alliance along with such well-known companies as FedEx and JD.com.

Within 30 days, a start-up may request a hearing on the case, during which it must prove why the sale of its tokens is not the distribution of unregistered securities. Otherwise, ShipChain will be prohibited from "doing business" and "participating in any aspect of the securities industry in or out of South Carolina."

In their Twitter ShipChain reported that their lawyers intend to respond to the demand of the regulator as soon as possible.

PwC to Represent Crypto Analysis Tool

Halo aims to provide warranty services to cryptocurrency transactions, in particular, the solution helps to create independent evidence for private-public key pairs
20 June 2019   81

One of the world's largest consulting firms, PricewaterhouseCoopers (PwC), announced the launch of an updated audit solution that supports cryptocurrency assets. This is stated in the press release of the company.

A tool called Halo aims to provide warranty services to cryptocurrency transactions. In particular, the solution helps to create independent evidence for private-public key pairs, which is one of the elements necessary for establishing cryptocurrency ownership rights.

In addition, Halo can collect information about transactions and balances on the blockchain.

As noted in the statement, the decision can be used by companies for which PwC is not an auditor. The initiative should help them try new opportunities and solve problems related to the blockchain and cryptocurrencies.

Currently, PwC can use the updated tool to provide warranty services to customers operating Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, Ripple (XRP), as well as the ERC-20 OAX token.

PwC has been showing quite a strong interest in the cryptocurrency industry for several years now. So, in 2017, the company began accepting payments in Bitcoins, and last year began to develop new standards for the ecosystem of digital assets and stablecoats.