Colorado clamps down on ICO’S

The Colorado State Department of Regulatory Agencies (DORA) has handed out four more cease and desist orders to ICOs. Jared Polis, an Amercian politician, entrepreneur and philanthropist who is the Governor-elect of Colorado, is making a huge impact already on the blockchain and crypto scene in Colorado. He was elected Governor of Colorado in 2018. With the help of DORA, he is cleaning up the states crypto scene in order to prepare it for the sweeping regulations.  This raises the tally of ICOs issued with cease and decease order to eighteen this month alone.

Jared Polis is a member of the Democratic Party and a former member of the Colorado State Board of Education.  He is among the wealthiest members with a personal net worth estimated at nearly $400 million.  Cease and desist orders have been sent out by DORA to Global Pay Net, Cred (doing business as Credits LLC), CrowdShare Mining and CyberSmart Coin Invest. The latter has robots that invest on Bitmex with secret algorithms for profit gaining.

Scam ICO in Colorado

This scam ICO scene was taken very seriously by Colorado. While not all of the firms issued with cease and desist orders are scams, some could have fines pending or may be unregistered insecurities.  Most ICOs are usually sold out and attract millions of dollars in exchange for a handful of tokens.  Colorado is certainly trying its best to clean up the ICO scene, it needs to be more thorough in what it calls a scam.

DORA issued four cease and desist orders earlier this month and at least one of them has claimed to have never received anything at all.  PinkDate has said that it has never received such an order and it has even been suggested that the cease and desist order was issued because PinkDate did not have an address. Can you have a cease and desist order issued against you for not having an address?

Some of the firms which have not been registered as a security in the state are in fact being labelled as scams and are being issued with cease and desist orders. The Autorite’ des Marche’s Financiers (AMF), in a bid to clean up the ICO scene, is creating a legal framework that will ensure a UCITS for ICOs. Other European countries, apart from France, are hoping that this system will be adopted.  Before investing in an ICO, always do your research.

 

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