Genesis Mining Operations Resume After Regulatory Shutdown
Genesis Mining, a cloud mining service provider, has just announced the return of its operations within the US after regulators in South Carolina retracted the cease and desist order placed on the company. Up until this moment, the company was banned from signing contracts within the US for over 5 months.
Placed on Genesis Mining by the South Carolina SEC in 2018, the company then temporarily shut down all withdrawal services from its operations throughout all of the US. Later on, regulators decided to retract the order placed on the company and Genesis has fully complied with the commission and provided full cooperation.
The decision to withdraw the order was made without any details being revealed as to why. The original cease and desist was ordered after it was believed that Genesis Mining was offering mining services under classification as a security. The decision to allow the company to resume its operations is seen as a possible leniency and possible acceptance of cryptocurrencies by the regulator. As reported, the Securities and Exchange Commission classified BTC and ETH as non-securities, meaning that both do not operate under restrictive regulations placed on securities.
Additional news revealed that Nasdaq conducted a private meeting with leading figures of the industry as a means of offering a solution to legitimize crypto-coins. ICE also announced the launch of a BTC futures product with a physical settlement capability. Cloud mining provides several benefits instead of launching a personal operation. First off, no mining tools are required which cuts down heavily on certain costs. ASIC miners also experience incredibly loud noise which limits the number of setups within a household due to the loudness of mining through this method.
Genesis has been around for quite some while and is viewed as a senior firm within the industry, operating for more than four years so far. The company has also gathered its reputation through high customer service and operational time. It also provides top-line tech and experts as a result of being one of the biggest and most distinguished cloud mining companies around.