Massachusetts Regulator Halts Five ICOs

March 27

The office of Massachusetts Secretary of State announced today that it had halted ICOs from five companies, claiming that the sale of digital tokens amounts to the unregistered offering of securities.  Mattervest Inc, Pink Ribbon ICO, Across Platforms Inc, Sparkco Inc and 18 Moons were all ordered to  stop sales of their coins.  The firms, which were all either incorporated in Massachusetts or named the state as their principal place of business, were offering and promoting the ICOs through Twitter, Reddit, YouTube and other social media sites.  Each of the five agreed to a consent order which (i) included a censure, (ii)offered rescission to investors who purchased coins, and (iii) included an agreement not to offer coins for sale in Massachusetts until the offering was registered as a security.

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David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. He is currently the Chairman of the Litigation Department of the firm’s New York office. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. Since 2008, David has been included in Chambers for his expertise in international arbitration.

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