The Texas State Securities Board (SSB) has announced that four cryptocurrency companies have agreed to cease and desist token offerings that regulators have identified as unregistered securities. The announcement was made in an order published on Thursday. As part of the agreement, the companies will each be required to pay a $25,000 administrative fine.
The four companies, identified as BC Holdings and Investments, Mintage Mining, Nui Social, and Social Membership Network Holding, have agreed to:
“[I]mmediately cease and desist from offering for sale any security in Texas until the security is registered with the Securities Commissioner or is offered for sale pursuant to an exemption from registration under the Securities Act.”
According to the order, the companies had cooperated with the state’s Enforcement Division and agreed to stop offering their respective programs to investors. Those programs had all involved some variation on a scheme to allow investors to purchase interest in cryptocurrency mining revenue.