Mass. Crackdown Reflects Increased State Regulation Of ICOs

Law360 (April 11, 2018, 1:26 PM EDT) -- On March 27, 2018, the top securities regulator in Massachusetts issued consent orders halting five initial coin offerings — including projects that sought to raise capital to assist families affected with cancer and to support the programming for children — based on allegations that the token sales constituted unregistered securities offerings in violation of state law.[1] Among other things, a number of the companies behind the ICOs, each of which were either incorporated or primarily did business in the state, agreed to refund investors as a condition of settlement. The consent orders come on the heels of increased federal scrutiny of...

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