Massachusetts conducts cryptocurrency sweep, censures five companies

By Jay Fishman, J.D. The Massachusetts Securities Division, upon completing a sweep of unregistered cryptocurrency transactions, censured five companies and additionally ordered them to permanently desist from selling unregistered or non-exempt securities in the state. The companies, for failing to either register or claim an exemption for their respective bitcoin offerings, entered into settlement offers with the Division. The Division determined that the unregistered, non-exempt bitcoins fell within the “security” and “investment contract” definitions of the Massachusetts Securities Act and rules. Company cryptocurrency offerings. 18Moons, Inc., a children’s programming company, planned to offer up to 100 million in planet kid coins to potential purchasers in late 2017 but ceased operations upon receiving a Division subpoena on January 25, 2018 (In the Matter of 18Moons, Inc., March 27, 2018). Across Platforms, Inc., d/b/a ClickableTV,…

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