‘But ICOs Only Under Regulatory Authority’
The state of Massachusetts’ top securities regulator, William Galvin, has put a stop to five companies’ Initial Coin Offerings (ICOs), under the claim that such offerings fall into the category of “unregistered securities.”
As reported by Reuters, Galvin’s office ordered Mattervest Inc, Pink Ribbon ICO, Across Platforms Inc., Sparkco Inc. and 18 Moons to immediately cease the sales of their tokens. None of the companies responded to the international news agency’s requests for comment.
The report also notes that the firms “were all either incorporated in Massachusetts or named the state as their principal place of business,” but none featured promotional individuals legally registered to sell securities with Galvin’s office. The companies also advertised their ICOs on popular social media sites Twitter, Reddit, YouTube, and others.
Galvin himself instructs individuals to say something if they see something. Stated the securities regulator:
An offering done to avoid registration with regulators should be seen as a red flag, and you should contact …
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