Bitcoin Mining Company Cleared of Wrongdoing by Regulator
The Securities Commissioner of South Carolina dismissed its previous order of nearly half a year ago against Genesis Mining. It’s rare, and some say this is a first for the state, as the Commissioner hasn’t previously withdrawn such an order. The company plans to resume services in the United States as a result. The case also might mark a turning point in such for firms beginning to fight back against regulators. “We are happy to announce that the South Carolina securities division has dismissed Genesis Mining from its March 9, 2018, cease and desist,” wrote Shah Hafizi, chief compliance officer for Genesis Mining in reference to a cease and desist order being lifted by the state of South Carolina. “One of our company‘s principles is transparency. After all, it is a core value of blockchain technologies. Over the past five months, we’ve worked closely with South Carolina officials to educate them and provide a practitioner’s perspective on mining, blockchain networks and the decentralized nature of the technologies we support.”
