US state of South Carolina ends ban on blockchain venture capital firms

According to CoinDesk, the securities regulator in South Carolina in the US stated in public documents that it has terminated the ban on two blockchain startups.

The South Carolina Attorney General's Office, which oversees the state's securities regulation, issued two orders on Thursday announcing the revocation of the May shutdown order on blockchain startup ShipChain and the March ban on mining company Genesis Mining. This is the first time that the state has lifted a ban on the operation of blockchain startups.

Previously, regulators believed that ShipChain's token and Genesis Mining's mining contract were unregistered securities. ShipChain reversed this claim in May, saying in a statement the company “doesn't believe its tokens are securities.” ShipChain also said it was unaware that South Carolina residents can buy their SHIP tokens.

The Thursday document stated: “After reviewing the relevant information, it was found that there were valid reasons to lift the ban.”

Author: Alia

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