BlockWeb News
Shipchain,an Ethereum based freight shipping 'track and trace' project got hit with a cease-and-decist from the Securities division of the Attorney General's office of Southern California for Securities law violation.
The order stipulates that the ICO of Shipchain's platform token SHIP was an unregistered securities offering and the sale thereof renders the Responded Shipchain an unregistered securities broker-dealer in the state. The order further stipulates that the Respondednt Shipchain'sregistry with the state is permanently revoked meaning that the project willnot be able to conduct transactions of their token within the state.
The announcement resulted in a drop in value of SHIP token from USD 10.7 cents to USD 5.4 cents, effectively dropping its value 49.5% in a matter of 2 hours following the event. The price of the token is currently sitting at USD 6 cents.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs.