This week Massachusetts has enabled five acts of censure on Crowdfunding. A Censure is a legal framework which settles the disagreement between, in this case, cryptocurrency companies violating the laws and the accusers. Massachusetts has sent in the legal documents to Five Crypto trading companies, warning them about their unlawful acts and suggesting possible solutions to avoid getting sued.
The companies which all got the notice on the same day are Across Platforms, Sparkco, Pink Ribbon, Mattervest and 18 moons.
The orders were issued by the secretary of Commonwealth, Massachusetts, William Gavin. Since Bitcoin had shown some huge surge last year, Mr William Gavin believes that the assets went on a “craze” and then a “disaster”.
Across Platforms which is also famously known as Clickable TV, is a company based on analytics and Social Television. The company has been established ten years ago and it has also tried to introduce “an [initial coin offering] ICO backed by an innovative advertising platform built on blockchain technology. Unlike traditional cable TV advertising, the Clickable TV platform will turn commercials on certain mediums into clickable ads where the viewer can purchase products using Clickable TV tokens. Clickable TV enables viewers to spend their ICO tokens or hold them for future use and at any time sell them on an exchange for fiat currencies”. The company was issued a writ for violating the laws as they didn’t complete the registrations.
Matter vest is a company which finds and make analysis of crowdfundings. They have been accused of keeping up a website listing ICOs and trading unregistered Cryptos. The company has been asked to stop it’s operations.
Pink Ribbon was founded by a single individual with just a Facebook page which aimed at supporting “women and families facing financial burdens from cancer”, with the help of ICOs. He has been sent a legal notice to delete the page which he did.
However, none of the accused companies have accepted their guilt.