State of Massachusetts Issues “Cryptocurrency ICO Sweep” Regarding Alleged Securities Violations

The State of Massachusetts Securities Division, under the direction of Secretary William Galvin, has issued a series of Consent Orders pertaining to five different initial coin offerings (ICOs).

The following issuers received the orders:

Each of the issuers apparently submitted an Offer of Settlement to the state Securities Division without admitting nor denying the facts as outlined by Massachusetts.

Mattervest was offering to pool funds to invest in the following ICOs: BlockRx, HydroMinder, Gizer, OmegaOne, GITFZ, 1776 Token, Token Report and ad Cavier.

Pink Ribbon said it would issue 26 million coins with a certain amount given to families in need.

Sparkco / Librium planned to expand its existing freelance platform by pre-selling its services via an ICO.

Across Platforms (ClickableTV), an advertising / analytics business founded in 2010, planned to issue Clickable TV Tokens which could purchase products using the service.

18Moons is a company that creates and distributes children’s programming. The company intended on issuing Planet Kids Coins.

What each potential issuer had in common was the fact they were based in Massachusetts and had not filed for a securities exemption. Additionally, following receipt of correspondence from the Securities Division, issuers apparently halted all funding action.

The action by the Securities Division appears to be more slap on the wrist than anything else but is most certainly a warning to other Massachusetts based ICO issuers. This is not the first state based enforcement action regarding ICOs but many more could follow.

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