The Securities Commissioner of South Carolina, part of the office of the Attorney General of the state, has issued a Cease & Desist Order two global cryptocurrency miners: Swiss Gold Global and Genesis Mining.
Genisis Mining is based in Hong Kong. Swiss Gold Global is based in Zurich, Switzerland. The C & D from South Carolina determined that the two miners were engaging in the sale of securities with their investment contracts.
The legal action by the State of South Carolina calls into question any cryptocurrency mining operation anywhere that allows US based individuals to back these operations if the company has not filed for an appropriate exemption.
According to their website, Swiss Gold Global offers investors the ability to purchase gold and silver but also crypto mining contracts from as little as $30. Mining packages start at $249 and may payout daily and perhaps qualify to receive commissions and more.
Genesis Mining, while based in Hong Kong, has mining operations in Iceland. The company claims to have the worlds leading hashpower for crypto mining and more than 1 million customers. Genesis currently offers mining packages for Bitcoin, Dash, Ethereum, Litecoin, Monero and ZCash. All of their packages appear to be “out of stock.”
The Cease & Desist should have a chilling effect on miners enabling US based individuals to participate in funds that support cryptocurrency miners.
Swiss Gold Global - Genesis Mining v Securities Commissioner of South Carolina