Massachusetts Securities Division Blocks Five ICOs

- Advertisement -

On Tuesday, five companies that sought to conduct initial coin offerings (ICOs) in Massachusetts were ordered not to sell unregistered or non-exempt securities in the state.

On March 27, 2018, the secretary of the Commonwealth of Massachusetts, William Francis Galvin, issued consent orders regarding five companies that sought to conduct ICOs in the state. All five were ordered not to sell unregistered or non-exempt securities in Massachusetts.

The consent orders are available below:

Note: the 18moons Consent Order posted online is missing page 4.

Without going into full detail, here’s a snapshot of each company.

18moons

Source

18moons is a Delaware-incorporated company that produces and distributes children’s programming. The company had planned an ICO for Ethereum-based Planet Kids Coins (PKCs) for February 2018.

- Advertisement -

Ostensibly PKCs would have been used “1) To activate a subscription to the existing Planet Kids Apps and Services” and “2) To submit content that, if selected, could be utilized in Planet Kids or ZOGO’s Adventure.”

In the initial run-up to the ICO, the company was covered by press including the Boston Globe, which wrote that 18moons “is engaged in a dance between utility and speculation. It is trying to show that cryptocurrencies have a genuine business purpose promoting uses of blockchain technology and are not just an investment fad.”

Across Platforms

Massachusetts Securities Division Blocks Five ICOs
Source

Across Platforms is an advertising and analytics social television company (founded in 2010), which planned to create Ethereum-based ClickableTV tokens. The company apparently would have used collected funds to develop a platform which would “turn commercials on certain mediums into clickable ads where the viewer can purchase products using ClickableTV tokens.”

- Advertisement -

Its website still states, “Across Platforms has filed three patent applications for ClickableTV as of January 2018. The Company will be filing additional patent applications through out [sic] 2018.”  

Mattervest

Massachusetts Securities Division Blocks Five ICOs
Source

As explained in the relevant consent order, Mattervest offered to pool funds to invest in a number of other ICOs. These included: BlockRx, HydroMiner, Gizer, OmegaOne, GIFTZ, 1776 Token, Token Report, and Caviar. It seems like Mattervest hoped to be something like a mutual fund for token investments.

Pink Ribbon

Per the consent order, Pink Ribbon was an ICO attempted by Daniel Cash, which purported to be a “publicly traded company on the blockchain that supports women and families facing financial burdens from cancer.” It’s not clear whether the project was ever anything more than a Facebook page, which now appears to have been taken down.

SparkCo

Massachusetts Securities Division Blocks Five ICOs
Source

According to the consent order, SparkCo “planned to expand its existing freelance platform operations by pre-selling its services through an initial coin offering” for Ethereum-based Librium tokens (EQL).

A red footer on the Librium website now reads, “It appears you are accessing Librium from the United States of America. Unfortunately, the token offering is not available for US residents. You can still navigate the project but you will not be able to participate. Thank you.”

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

Like what you read? Follow us on X @Bitnewsbot to receive the latest ICO, Massachusetts or other Ethereum business and finance news.



Previous Articles:

- Advertisement -

Latest News

Ethereum Surges Above $3,400 Amid Investor Risk Appetite and ETF Hopes

Ether (ETH) prices rose above $3,400 on July 16, reaching a six-month high. Analysts link...

Trump-Backed Crypto WLFI Opens Trading to Public After Vote

World Liberty Financial is opening its WLFI crypto token to the public after a...

Apple Stock Down 16% in 2025, Analysts Still See Upside Potential

Apple shares have fallen 16% in 2025, marking it as one of the weakest...

Calgary Police Charge Man in $300K Cryptocurrency Scam Targeting Senior

A senior in Calgary lost over $300,000 after falling victim to a cryptocurrency scam. Jeremy...

Bitcoin Pioneer Adam Back Sells 30,000 BTC to Wall Street Giant

Adam Back plans to sell 30,000 Bitcoin to Cantor Fitzgerald through a SPAC. This deal,...

Must Read

14 Ways On How to Make Money with Cryptocurrency

Many people want to make money with cryptocurrency because they have heard the success stories of people who became millionaires from zero.If you...