Massachusetts has joined the growing number of states in the US to take it upon themselves to step in and block ICO’s instead of allowing the federal securities commission to do so.
Mattervest, Pink Ribbon ICO, Across Platforms, Sparkco, and 18 Moons were give 45 days to refund all investors by Massachusetts Secretary William Francis Galvin.
They were issued notices on Tuesday March 27 for the reason being they were running unregistered securities. Investors were sent out a notice to inform the state of other ICO’s before investing.
OF the 5 ICO’s only 2 have shut down. Although its only been a little over 36 hours the remaining three – Across Platforms, Spark Sales, and 18 moons, have yet to make any announcement on their websites.
Of the three, it appears only 18moons is still running an ICO at the moment as we could find no information on the the websites of across platforms or spark sales of ICO’s taking place. Also interesting to know, spark sales although listed as a MA based company, lists a Colorado based phone number for contact.
At this point, one can only speculate what the future holds for any of the remaining three projects, but one thing is for certain, they are not going to be the best of ideas to invest in unless they go the legal route of registered with the state of Massachusetts.
However one can only wonder if 18 moons will be of the first ICO’s to directly defy the states demand of closing down and attempt to fight the issue in a court of law. It’s still incredibly early to try to make such guesses, however this would be an interesting turn of events that could make or break of ICO’s are treated legally in the future if this was to be the situation.