Logistics and supply chain startup ShipChain has refuted the claim of South Carolina regulators that it ran afoul of state securities laws, according to a statement May 24.
Earlier this week, the company was issued a cease-and-desist order from the South Carolina Attorney General’s office. The order stated that ShipChain was offering securities to state residents without being registered as a broker-dealer by the proper authorities. The offerings in question are the SHIP tokens, which can be used to make transactions on the startup’s Ethereum-based platform.